SSC Economics Sample Paper NCERT Sample Paper-7

  • question_answer
    The first indigenous bank which came into existence in 1894 was the

    A)  Central Bank of India     

    B)  Punjab National Bank

    C)  Reserve Bank of India    

    D)  Imperial Bank of India

    Correct Answer: A

    Solution :

    [a] The first Indian commercial bank which was wholly owned and managed by Indians was Central Bank of India which was established in 1911. So this bank is called India's First Truly Swadeshi bank. The story of banking in India starts from Bank of Hindustan established in 1770 and it was first bank at Calcutta under European management. The oldest Public Sector Bank in India having branches all over India and serving the customers for the last 145 years is Allahabad Bank. The Oldest Joint Stock bank of India was Bank of Upper India established in 1863 and failed in 1913. The first bank purely managed by Indian was Punjab National Bank, established in Lahore in 1895. The Punjab national Bank has not only survived till date but also is one of the largest banks in India.

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