BANKING AFFAIRS

Detailed explanation-1: -Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

Detailed explanation-2: -The Reserve Bank of India was established following the Reserve Bank of India Act of 1934. Though privately owned initially, it was nationalised in 1949 and since then fully owned by the Ministry of Finance, Government of India (GoI).

Detailed explanation-3: -Answer. The first private sector bank in India is Indusland Bank. It was established in 1994 by SP Hinduja, and now it has an excellent banking network with 760 branches in India.

Detailed explanation-4: -Indian Central Banking Enquiry Committee revives the issue of the establishment of the Reserve Bank of India as the Central Bank for India. Reserve Bank of India Act, 1934, (II of 1934) constitutes the statutory basis on which the Bank is established.

Detailed explanation-5: -The first bank of India was the “Bank of Hindustan”, established in 1770 and located in the then Indian capital, Calcutta.