GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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April 5, 2006
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May 26, 2006
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June 29, 2007
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September 30, 2005
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Detailed explanation-1: -The Centre acquired the Reserve Bank of India’s entire 59.73% equity stake in State Bank of India (SBI) at over Rs. 35, 531 crore in New Delhi on June 29, 2007.
Detailed explanation-2: -State Bank of India (SBI) is the oldest commercial bank in India. It was constituted under the State Bank of India Act, 1955 (Act No. 23 Of 1955). It is an Indian Multinational public sector bank and financial services statutory body with its headquarter in Mumbai, Maharashtra.
Detailed explanation-3: -The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935. * To operate the credit and currency system of the country to its advantage.
Detailed explanation-4: -RBI was nationalized on January 1, 1949.