BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Grind lays bank
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Barclays bank
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Yes bank
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None of the above
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Detailed explanation-1: -The State Bank of India was the first Indian commercial bank to set up a separate Merchant Banking Division in 1973, followed by ICICI followed it in 1974.
Detailed explanation-2: -In India, merchant banking services were started in 1967 by National Grindlays Bank.
Detailed explanation-3: -In 1973, SBI started the merchant banking and it was followed by ICICI. SBI capital market was set up in August 1986 as a fully-fledged merchant banker. Between 1974 and 1985, the merchant banker has promoted lot of companies. However, they were brought under the control of SEBI in 1992.
Detailed explanation-4: -Merchant banks were the first modern banks. They emerged in the Middle Ages from the Italian grain and cloth merchants community and started to develop in the 11th century during the large European fair of St. Giles (England), then at the Champagne fairs (France).
Detailed explanation-5: -Grindlays Bank is first time introduce the merchant banking in India .