BANKING AFFAIRS

Detailed explanation-1: -ICICI bank is a leading private sector bank in India. It stands for Industrial Credit and Investment Corporation of India (ICICI).

Detailed explanation-2: -Political parties are non-statutory bodies in a democracy and thus cannot be included as an organ of the government.

Detailed explanation-3: -At present, there are 12 public sector banks in India. While the bank’s shareholders hold the majority of stakes in private sector banks, the majority in public sector banks are held by the government. At present, there are 21 private sector banks in India.

Detailed explanation-4: -Union Bank of India is one of the leading public sector banks of the country. The Bank is a listed entity and the Government of India holds 83.49 percent in Bank’s total share capital.