01-01-2018, 04:42 PM
Nationalisation of Banks
*Nationalisation means transfer of ownership and management of an undertaking from private hands to the state.
*The Prime Minister who nationalised Banks in India
Ans : Indira Gandhi
*The first nationalisation of banks took place on 19th July 1969. 14 banks were nationalised whose deposit exceeded Rs. 50 crores.
*On 15th April, 1980, second time Government nationalised six banks whose deposit exceeded Rs. 200 crores.
*Number of Nationalised banks in India
Ans : 19
Reserve Bank of India (RBI)
*The central Bank of India - Reserve Bank of India (RBI)
*RBI was set up on the recommendation of Hilton Young Commission (1926). It was also called Royal Commission.
*The Reserve Bank of India Act passed in the year
Ans : 1934
*Reserve Bank of India was established on 1st April 1935.
*The Head Quarters of the RBI initially established in Kolkata, but was permanently shifted to Mumbai in 1937.
*RBI is called Banker’s Bank.
*RBI was formulated as per the guidelines, working style and outlook presented by Dr. B.R. Ambedkar in his book “The problem of the Rupee - Its origin and its solution”.
*Banking regulation actpassed in the year
Ans : 1949
*RBI was nationalised on 1st January 1949.
*RBI issues all the currency notes above one rupee.
*The currency notes except one rupee holds the signature of Reserve Bank Governor
*One rupee holds the signature of Finance Secretary
*Present Governor of RBI
Ans : Urjit Patel (24th)
Functions of RBI
(a) Issue of currency notes
(b) Act as government’s bank
(c ) Act as Banker’s Bank and lender of the last resort
(e)Cuitodian of foreign exchange reserves (f)Stabiliser of the Value of money,etc..
Rare Fact
* The Finance Minister during first phase of Bank Nationalisation in 1969.
Ans : Indira Gandhi
