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    which movement encouraged the formation of commercial banks?

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    Which movement encouraged the formation of commercial banks?

    Which movement encouraged the formation of commercial banks?

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    Which movement encouraged the formation of commercial banks?

    Updated On: 27-06-2022

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    Text Solution Open Answer in App A Swadeshi movement B Quit India Movement C

    Non Cooperation Movement

    D

    Civil Disobedience Movement

    Answer

    The correct Answer is A

    Answer

    Step by step solution by experts to help you in doubt clearance & scoring excellent marks in exams.

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    Banking Industry in India

    Curious to know about the facts and figures of Banking Sector in India? Read along to equip yourselves with some interesting facts. - India.com

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    Banking Industry in India

    Banking Industry in India Curious to know about the facts and figures of Banking Sector in India? Read along to equip yourselves with some interesting facts.

    Published: April 25, 2014 4:39 PM IST

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    The first bank of limited liability managed by Indians was Oudh Commercial Bank founded in 1881. Subsequently, Punjab National Bank was established in 1894. Swadeshi movement, which began in 1906, encouraged the formation of a number of commercial banks. Banking crisis during 1913-1917 and failure of 588 banks in various parts of the country during the decade ended 1949 underlined the need for regulating and controlling commercial banks. The Banking Companies Act was passed in February 1949, which was subsequently amended to read as Banking Regularisation Act, 1949. This Act provided the legal framework for regulation of the Banking system in India.Also Read - From CBSE Compartment Result to GATE 2023 Registration; Check Important Education Events For September

    The largest bank – Imperial Bank of India – was nationalised in 1955 and renamed as State Bank of India, followed by formation of its 7 Associate  Bank in 1959. With a view to bringing commercial banks into the mainstream of economic development with definite social obligations and objectives, the Government of India issued an ordinance on 19 July 1969 acquiring ownership and Control of 14 major banks in the country. Six more commercial banks were nationalised from 15 April 1980. Also Read - Rajasthan Govt Announces 2 Yrs Relaxation In Jobs For Youth, Raises Age Limit, Jobs To Families Of Kedarnath Victims

    As certain rigidities and weaknesses were found to have developed in the banking system during the late eighties, the Government of India felt that these had to be addressed to enable the financial system to play its role in ushering in a more efficient and competitive economy. Accordingly, a high-level Committee on the Financial System (CFS) was set up on 14 August 1991 to examine all aspects relating to the structure, organization, functions and procedures of the financial systems. Based on the recommendations of the Committee (Chairman: Shri M. Narasimham), a comprehensive reform of the banking system was introduced in 1992-93. Also Read - BDL Recruitment 2022: Registration For 18 Managerial Posts Begins at bdl-india.in| Details Inside

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    Question: Which movement encouraged the formation of commercial banks?

    MCQs: Which movement encouraged the formation of commercial banks? - (A) Swadeshi movement - (B) Quit India Movement

    Which movement encouraged the formation of commercial banks?

    Home / Banking Exam Questions / Banking Awareness Test Questions / Which movement encouraged the formation of commercial banks?

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    Which movement encouraged the formation of commercial banks?

    A. Swadeshi movement

    B. Quit India Movement

    C. Non Cooperation Movement

    D. Civil Disobedience Movement

    Answer & Explanation

    Related Questions on Banking Awareness Test Questions

    The Reserve Bank of India was established on _______.

    A. April 1, 1935 B. July 12, 1982 C. May 26, 2006

    D. September 30, 2005

    View Answerr

    Who works as RBI's agent at places where it has no office of its own?

    A. State Bank of India

    B. Ministry of Finance

    C. Government of India

    D. International Monetary Fund

    Which of the following is true about the functions performed by RBI?

    View Answerr

    (i) It is the Bank of Issue

    (ii) It acts as banker to the Government

    (iii) It is the banker of other banks

    (iv) It regulates the flow of credit

    A. Both (i) and (ii)

    B. Both (iii) and (iv)

    C. All the above

    D. None of the above

    View Answerr

    What does 'Nomination' for a deposit account in the bank mean?

    A. Mandate given by the close relatives of the depositor to settle the death claim in case of death of the depositor

    B. Mandate decided by the bank to settle the death claim of its depositor

    C. Mandate of the depositor in favor of one or more persons to claim the amount on death of the depositor

    D. Mandate of the depositor in favor of a close relative who can claim the amount on death of the depositor

    View Answerr

    When were the draft guidelines for building grievance redressal mechanism within NBFCs (Non-Banking Financial Companies) published?

    A. April 5, 2006 B. May 26, 2006 C. June 29, 2007

    D. September 30, 2005

    View Answerr

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