BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In 2014, Competition Commission of India probed the merger between regional rural banks sponsored by Punjab National Bank and
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Andhra Bank
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Union Bank of India
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State Bank of India
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Syndicate Bank
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Explanation:
Detailed explanation-1: -The Narasimham Committee had recommended the creation of Regional Rural Banks.
Detailed explanation-2: -As a result, five RRBs were set up on 2 October 1975 on the recommendations of the Narsimhan Committee on Rural Credit, during the tenure of Indira Gandhi’s government. The purpose was to include rural areas into the economic mainstream since around 70% of the Indian population was rural.
Detailed explanation-3: -The Narsimham committee conceptualised the creation of RRBs in 1975 as a new set of regionally oriented rural banks, which would combine the local feel and familiarity of rural problems characteristic of cooperatives with the professionalism and large resource base of commercial banks.
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