| Consider the following: |
| 1. Nationalisation of State Bank of India |
| 2. Setting up of Subsidiaries of State Bank of India |
| 3. Enactment of Banking Regulation Act |
| 4. Nationalisation of a group of commercial banks |
| The chronological order of their enactment/setting up is |
A) 1, 2, 3, 4
B) 3, 2, 1, 4
C) 2, 1, 3, 4
D) 3, 1, 2, 4
Correct Answer: D
Solution :
[d] The Banking Regulation Act was passed as the Banking Companies Act 1949 and came into force well 6.3.49. Subsequently it was changed to Banking Regulations Act 1949 wef 01.03.66. Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the imperial Bank of India became the State Bank of India. In 2008, the Government of India acquired the Reserve Bank of India's stake in SBI so as to remove any conflict of interest because the RBI is the country's banking regulatory authority. In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. This made SBI subsidiaries of eight that had belonged to princely states prior to their nationalization and operational take-over between September 1959 and October 1960, which made eight state banks associates of SBI. In 1969, 14 major private commercial banks were nationalized. These 14 banks Nationalized in 1969 are: Central Bank of India, Bank of Maharashtra, Dena Bank, Punjab National Bank, Syndicate Bank, Canara Bank, Indian Bank, Indian Overseas Bank, Bank of Baroda, Union Bank, Allahabad Bank, Union Bank of India, UCO Bank, Bank of India.
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