BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Concentration of wealth and economic power in the hands of industrialists and business
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Branch expansion was confined to urban areas and rural area were being neglected
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Sectors like agriculture small scale industries and the other deserving sectors were outside the purview of bank lending operations
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Above all
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Detailed explanation-1: -1. To generate public confidence in banking system of the country. 2. To prevent concentration of economic power in few hands.
Detailed explanation-2: -Six major objectives of bank nationalisation are: 2. To ensure prompt operations of the banking system for a larger social purpose and subject it to close public regulation; 3. To meet the legitimate credit needs of private sector industry and trade (big or small);
Detailed explanation-3: -The correct answer is Improving credit facility. The nationalization of banks means taking over the ownership and management of commercial banks by the government. Objectives of nationalisation of banks: To generate public confidence in banking system of the country.
Detailed explanation-4: -One of the major objectives of nationalisation of banks was the expansion of banking into the rural areas to ensure financial inclusion.
Detailed explanation-5: -Nationalization can occur for many reasons like saving a struggling industry or organization, economic profit for the government, a means to bring stability in a developing economy, or as a way for progress or growth. The government can also seize control over an industry as a punishment.