BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The largest bank Imperial Bank was nationalised in 1955 and rechristened as State Bank of India on the recommendation of which committee?

A	Rangarajan Committee
B	Chelliah Committee
C	Rekhi Committee
D	Gorewala Committee

Explanation:

Detailed explanation-1: -The Imperial Bank was nationalized in 1955 on the recommendation of the Gorewala Committee and renamed as State Bank of India.

Detailed explanation-2: -The Imperial Bank of India (IBI) was one of the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into the State Bank of India in 1955.

Detailed explanation-3: -In 1955 the government of India and the country’s central bank, the Reserve Bank of India (founded 1935), assumed joint ownership of IBI, which was renamed the State Bank of India.

Detailed explanation-4: -In order, therefore, to serve the economy in general and the rural sector in particular, the All India Rural Credit Survey Committee recommended the creation of a state-partnered and state-sponsored bank by taking over the Imperial Bank of India, and integrating with it, the former state-owned or state-associate banks.

There is 1 question to complete.