Question

As part of Banking Sector Reforms in 1991, . Banks can now operate in India.

• A. Private Sector Banks belonging to Resident Persons
• B. Foreign Banks
• C. Both (a) and (b)
• D. Neither (a) nor (b)

Answer 1

The correct option is C Both (a) and (b)

In the banking sector reforms, the policy of privatization allowed private parties to own banks and run them and the policy of globalization allowed the foreign banks to operate in the domestic territory of India.