Financial Bodies — Set 5
Days & Years · वित्तीय निकाय · Questions 41–50 of 50
Which year marks the establishment of the World Trade Organization (WTO)?
Correct Answer: A. 1995
• **1995** = The World Trade Organization (WTO) was established following the Marrakesh Agreement. • **GATT** — The WTO replaced this General Agreement on Tariffs and Trade. • 💡 Wrong-option analysis: '1948' is incorrect; GATT was established in 1948, but WTO replaced it much later; '1991' is incorrect; the WTO was established later; '2000' is incorrect; this year is not associated with the establishment of the WTO.
In which year was the Industrial Credit and Investment Corporation of India (ICICI) established as a development financial institution?
Correct Answer: B. 1955
• **1955** = ICICI was formed at the initiative of the World Bank and the Government of India as a development financial institution. • **2002** — ICICI merged with its subsidiary to become ICICI Bank. • 💡 Wrong-option analysis: '1950' is incorrect; ICICI was established later; '1960' is incorrect; the establishment of ICICI occurred earlier; '1970' is incorrect; this year is not associated with the establishment of ICICI.
When was the National Stock Exchange of India (NSE) recognized as a stock exchange?
Correct Answer: C. 1993
• **1993** = The National Stock Exchange of India (NSE) was officially recognized as a stock exchange by SEBI. • **1994** — NSE started operations in the wholesale debt market. • 💡 Wrong-option analysis: '1991' is incorrect; NSE was recognized later; '1992' is incorrect; NSE was incorporated in 1992, but officially recognized in 1993; '1994' saw NSE start operations in the debt market, not its recognition as a stock exchange.
The International Finance Corporation (IFC) was established in which year?
Correct Answer: B. 1956
• **1956** = The International Finance Corporation (IFC) was established as the private sector arm of the World Bank Group. • **Washington, D.C.** — The IFC is headquartered in this city. • 💡 Wrong-option analysis: '1944' is incorrect; this year is associated with the Bretton Woods Conference and the establishment of the World Bank and IMF, but IFC was later; '1960' is incorrect; the establishment of IFC occurred earlier; '1965' is incorrect; this year is not associated with the establishment of IFC.
In what year was the first Finance Commission of India constituted?
Correct Answer: B. 1951
• **1951** = The first Finance Commission of India was constituted by the President of India. • **K.C. Neogy** — He was appointed as the first chairman of the Finance Commission. • 💡 Wrong-option analysis: '1950' is incorrect; the Planning Commission was established in 1950, not the Finance Commission; '1952' is incorrect; the recommendations of the first Finance Commission covered from this year, but it was constituted in 1951; '1955' is incorrect; this year is not associated with the constitution of the first Finance Commission.
When was the General Insurance Business (Nationalisation) Act passed in India?
Correct Answer: C. 1972
• **1972** = The General Insurance Business (Nationalisation) Act was passed to nationalize the general insurance business in India. • **1972** — This Act led to the merger of 107 insurers into four subsidiaries of GIC, aiming for better control and wider reach. • 💡 Wrong-option analysis: [1970]: This is not the year the Act was passed; [1971]: This is not the correct year for the Act's passage; [1973]: The Act was passed earlier than this year.
The Organisation for Economic Co-operation and Development (OECD) was established in which year?
Correct Answer: B. 1961
• **1961** = The Organisation for Economic Co-operation and Development (OECD) was officially established. • **September 30, 1961** — OECD succeeded the Organisation for European Economic Co-operation (OEEC) and aims to promote policies for economic and social well-being. • 💡 Wrong-option analysis: [1948]: This was the year OEEC was formed, not OECD; [1975]: This is not the establishment year of OECD; [1955]: This is not the correct year of establishment for OECD.
In which year was the BRICS grouping (initially BRIC) formally formed?
Correct Answer: B. 2006
• **2006** = The BRIC grouping was formally established during a meeting of foreign ministers. • **2001** — The term 'BRIC' was initially coined in this year, but the formal grouping was established later. • 💡 Wrong-option analysis: [2001]: The term 'BRIC' was coined in this year, but the formal grouping was not established; [2009]: The first formal BRIC summit was held in this year; [2010]: South Africa joined the group in this year, making it BRICS.
When was the International Development Association (IDA) established as part of the World Bank Group?
Correct Answer: B. 1960
• **1960** = The International Development Association (IDA) was established as part of the World Bank Group. • **September 24, 1960** — IDA was created to provide concessional loans, known as 'credits', to the world's poorest countries, aiming to reduce global poverty. • 💡 Wrong-option analysis: [1956]: This is not the establishment year of IDA; [1964]: This is not the correct year for IDA's establishment; [1944]: The World Bank itself was established in this year, but IDA was much later.
The Reserve Bank of India was nationalized in which year?
Correct Answer: C. 1949
• **1949** = The Reserve Bank of India (RBI) was nationalized. • **January 1, 1949** — RBI transitioned from a private shareholder bank to a fully government-owned entity under the Reserve Bank (Transfer to Public Ownership) Act, 1948. • 💡 Wrong-option analysis: [1947]: This was the year of India's independence, not RBI nationalization; [1948]: The Act for nationalization was passed in this year, but nationalization occurred in the next year; [1950]: This is not the year of RBI's nationalization.