Identify the correct combination of statements with regard to banking in India. (a) For many years the presidency banks had acted as quasi-central banks. (b) The Bank of Hindustan was liquidated during 1829-32. (c) General Bank of India was an unsuccessful bank and was dissolved in 1791. (d) Bank of Calcutta was renamed as Bank of Bengal in 1921. Codes :
Indian Banking Statements Analysis
This section evaluates the accuracy of historical statements regarding banking in India.
Statement Verification:
- Statement (a): The Presidency Banks, namely the Bank of Bengal, Bank of Bombay, and Bank of Madras, functioned as de facto central banks for many years prior to the establishment of the Reserve Bank of India. This statement is correct.
- Statement (b): The Bank of Hindustan, established in 1770, experienced financial difficulties and was eventually liquidated. The liquidation period is historically noted as being around 1829-1832. This statement is correct.
- Statement (c): The General Bank of India, incorporated in 1786, proved unsuccessful and ceased operations. Its dissolution is commonly dated to 1791. This statement is correct.
- Statement (d): The Bank of Calcutta was established in 1806 and subsequently became the Bank of Bengal in 1809. The significant event in 1921 was the amalgamation of the three Presidency Banks (Bank of Bengal, Bank of Bombay, Bank of Madras) into the Imperial Bank of India. The statement incorrectly claims the Bank of Calcutta was renamed Bank of Bengal in 1921. This statement is incorrect.
Correct Combination Identification:
Based on the verification, statements (a), (b), and (c) are accurate descriptions of events in Indian banking history.
Important Questions from Banking History or Facts
- When was the Bank of Madras established as the third Presidency Bank in India?
Which of the following is the apex banking institution of India that regulates the monetary policy?
Which among the following is the first life insurance company on the Indian soil?
Which among the following sponsors Regional Rural Banks (RRB'S)?
In which year State Bank of India was nationalized?
