BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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State Bank of India
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Oriental Bank of Commerce
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Grindlays Bank
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Federal Bank
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Detailed explanation-1: -In 1967, the Reserve Bank of India(RBI) granted license to ‘The National Grindlays Bank’ to perform the services relating to issue management. On the recommendation of Banking commission, State Bank of India(SBI) became the first Indian Bank to start with the merchant banking activities in 1972-73.
Detailed explanation-2: -History of Merchant Banking in India 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-3: -The State Bank of India was the first Indian Bank to set-up Merchant Banking Division in 1972. Later ICICI set up its Merchant Banking Division followed by Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank and UCO Bank.
Detailed explanation-4: -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.