Question

Match the items of List-I with List-II:

List-I	List-II
(a) RBI Nationalization	(i) $1964$
(b) Imperial Bank Nationalization	(ii) $1949$
(c) Nationalization of $14$ commercial Banks	(iii) $1955$
(d) Establishment of IDBI	(iv) $1969$

Identify the correct combination:

• A. $\left(a\right)-\left(i\right),\left(b\right)-\left(ii\right),\left(c\right)-\left(iii\right),\left(d\right)-\left(iv\right)$
• B. $\left(a\right)-\left(ii\right),\left(b\right)-\left(iii\right),\left(c\right)-\left(i\right),\left(d\right)-\left(iv\right)$
• C. $\left(a\right)-\left(iii\right),\left(b\right)-\left(ii\right),\left(c\right)-\left(iv\right),\left(d\right)-\left(i\right)$
• D. $\left(a\right)-\left(ii\right),\left(b\right)-\left(iii\right),\left(c\right)-\left(iv\right),\left(d\right)-\left(i\right)$

Answer 1

The correct option is D $\left(a\right)-\left(ii\right),\left(b\right)-\left(iii\right),\left(c\right)-\left(iv\right),\left(d\right)-\left(i\right)$

(a) In 1949, Reserve Bank of India(RBI) which is an apex bank that controls the entire banking system of India was nationalized to be the central bank of India. It is the sole agency of note issuing and controls the supply of money in the economy.

(b) In 1955, the Imperial Bank of India which was one of the oldest and the largest commercial bank of the Indian subcontinent was nationalized into the State Bank of India.

(c) In 1969, fourteen major private commercial bank of India were nationalized which included Indian bank, Indian Overseas bank, Canara bank etc in order to increase the efficiency of public sector.

(d) In 1964, Industrial Development Bank of India (IDBI) was established by an Act to provide short term as well as long term credits and other financial facilities for the development of the Indian industry.