Allahabad Bank, the oldest joint stock bank in India, was merged into which bank in 2020?
- A.Punjab National Bank
- B.Indian Bank
- C.Canara Bank
- D.Bank of India
Correct answer
Explanation
The correct answer is B, Indian Bank. Allahabad Bank, founded in 1865 and one of the fourteen banks nationalised in 1969, was amalgamated into Indian Bank with effect from 1 April 2020. Indian Bank, founded in 1907 at Madras, was the anchor bank, so the older institution disappeared into the younger one, which is the detail examiners like about this pair.
Option A, Punjab National Bank, absorbed Oriental Bank of Commerce and United Bank of India in the same round. Option C, Canara Bank, absorbed Syndicate Bank. Option D, Bank of India, was not an anchor bank in this round at all and continues as a separate public sector bank. After this round the number of public sector banks came down from twenty-seven in 2017 to twelve.
Read the full article: Bank Nationalisation and Mergers in India: 1949 to 2020
Practice Questions
View allIn which year was the State Bank of India created following the passage of the Imperial Bank of India into state ownership?
- A.1947
- B.1965
- C.1955
- D.1950
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The All India Rural Credit Survey Committee found that rural credit needed a bank with a nationwide branch network, so Parliament passed the State Bank of India Act, 1955, and the Imperial Bank of India was taken over and renamed the State Bank of India with effect from 1 July…
Read the full explanation →Small Industries Development Bank of India (SIDBI) was established in which year?
- A.1990
- B.1988
- C.1992
- D.1994
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SIDBI was set up under the Small Industries Development Bank of India Act, 1989 and began operations in 1990 as the principal financial institution for the promotion, financing and development of micro, small and medium enterprises.
Read the full explanation →How many commercial banks were nationalised in the first round on 19 July 1969?
- A.Six
- B.Eight
- C.Fourteen
- D.Twenty
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On 19 July 1969 the government promulgated an ordinance nationalising fourteen major commercial banks, each of which held deposits of fifty crore rupees or more.
Read the full explanation →In the second round of bank nationalisation in April 1980, how many banks were nationalised?
- A.Four
- B.Six
- C.Seven
- D.Eleven
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On 15 April 1980 six private banks whose deposits were two hundred crore rupees or more were nationalised: Andhra Bank, Corporation Bank, New Bank of India, Oriental Bank of Commerce, Punjab and Sind Bank, and Vijaya Bank.
Read the full explanation →The Reserve Bank of India was nationalised with effect from:
- A.1 April 1935
- B.1 January 1949
- C.1 July 1955
- D.19 July 1969
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The Reserve Bank of India began as a shareholders' institution in 1935 and was taken into full government ownership from 1 January 1949 under the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.
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