ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1st January 1947
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1st January 1948
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1st January 1949
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1st January 1960
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Detailed explanation-1: -The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.
Detailed explanation-2: -In the beginning, this entire capital was owned by private shareholders.
Detailed explanation-3: -Why was nationalisation of banks required? Nationalisation of banks was implemented under the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970. The ordinance came into force on 19 July 1969, “ to serve better the needs of development of the economy in conformity with national policy objectives."
Detailed explanation-4: -Sir Osborne Smith was the first Governor of the Reserve Bank.
Detailed explanation-5: -Detailed Solution. The correct answer is the State Bank of India.