Question

RBI was nationalised in the year:

• A. 1949
• B. 1946
• C. 1947
• D. 1940

Answer 1

Answer:

A. 1949

• 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