Question:
RBI was nationalised in the year:
A1949
B1946
C1947
D1940
Answer:
A. 1949
Explanation:
- In 1894, Punjab National Bank was started with headquarters in Lahore and peoples bank was formed in 1901
- Punjab National Bank was purely an 'Indian Bank' with Indian shareholders. (purely managed by Indian)
- Oldest public sector bank still exist- PNB.
- The Reserve Bank of India was set up in April 1st 1935.
- The RBI was nationalised in January 1st 1949
- Banking Companies Act was passed in 1949. Later renamed as BR Act in March 1st 1966
- In 1967 the Govt introduced social control of the bank.it was aimed at bringing some major changes in the management and credit policy of commercial banks.
- 14 banks were nationalised in 19 July, 1969. And 6 more commercial banks were nationalised in 15 April 1980