Which bank was transformed into the state-owned State Bank of India on 1 July 1955 ?
Imperial Bank of India
The Imperial Bank of India was formed in 1921 by merging the three Presidency Banks of Bengal, Bombay and Madras.
On the recommendation of the All India Rural Credit Survey Committee (A.D. Gorwala), Parliament passed the State Bank of India Act, 1955, and the Imperial Bank of India was converted into the State Bank of India on 1 July 1955.
State Bank of Hyderabad later became an associate of SBI and merged into it in 2017, Central Bank of India is a separate nationalised bank, and Bank of Hindustan was an early bank of the 1770s.
Hence, Imperial Bank of India.
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Important Questions from Money and Banking
Which one of the following is likely to be the most inflationary in its effects?
Which one of the following effects of creation of black money in India has been the main cause of worry to the Government of India?
Consider the following statements :
The effect of devaluation of a currency is that it necessarily
1. improves the competitiveness of the domestic exports in the foreign markets
2. increase the foreign value of domestic currency
3. improves the trade balance
Which of the above statements is/are correct?
Indian Government Bond Yields are influenced by which of the following?
1. Actions of the United States Federal Reserve
2. Actions of the Reserve Bank of India
3. Inflation and short-term interest rates
Select the correct answer using the code given below.
With reference to “Urban Cooperative Banks" in India, consider the following statements :
1. They are supervised and regulated by local boards set up by the State Governments.
2. They can issue equity shares and preference shares.
3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966
Which of the statements given above is/are correct?
