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Question

When was the quota system introduced?


  1. 1975

  2. 1965

  3. 1970

  4. 1960


Solution

The correct option is D

1960


Rationing of credit is one of the selective credit controls. Reserve bank fixes credit quota for its member banks. This quota system was introduced in 1960. If the member banks seek more loans than their fixed quota, they have to pay a higher interest.

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