The National Bank for Agriculture and Rural Development (NABARD) was established in which year?
- A.1975
- B.1976
- C.1982
- D.1990
Correct answer
Explanation
The correct answer is C, 1982. NABARD was set up on 12 July 1982 on the recommendation of the Committee to Review the Arrangements for Institutional Credit for Agriculture and Rural Development, chaired by B. Sivaraman. It took over the agricultural credit functions of the Reserve Bank and the refinance work of the Agricultural Refinance and Development Corporation, and it is the apex body for rural credit and for supervising cooperative banks and Regional Rural Banks.
Option A, 1975, is the year the first five Regional Rural Banks opened, on 2 October. Option B, 1976, is the year of the Regional Rural Banks Act. Option D, 1990, is the year the Small Industries Development Bank of India was set up. The EXIM Bank, like NABARD, dates from 1982, so the year carries two institutions and examiners test both.
Read the full article: History of Banking in India: Nationalisation, RBI and PYQs
Practice Questions
View allIn which of the following years did the fourteen major Indian scheduled commercial banks get nationalised in India?
- A.1969
- B.1970
- C.1972
- D.1950
Show answer
On 19 July 1969 the Government of India issued an ordinance taking over the fourteen largest Indian scheduled commercial banks, those whose deposits stood at ₹50 crore or more.
Read the full explanation →Which among the following is the oldest joint stock bank in India?
- A.Allahabad Bank
- B.Bank of Baroda
- C.Yes Bank
- D.Punjab National Bank
Show answer
It was founded in 1865 and is remembered as the oldest joint stock bank in India, a joint stock bank being one owned by shareholders rather than by a partnership of agency houses.
Read the full explanation →The Reserve Bank of India was fully nationalised and owned by the Government of India in which of the following years?
- A.1947
- B.1948
- C.1949
- D.1950
Show answer
The Reserve Bank opened in 1935 as a shareholders' bank with privately held share capital.
Read the full explanation →When was the Indian Rupee de-linked from the Pound Sterling?
- A.1975
- B.1947
- C.1982
- D.1963
Show answer
The rupee was tied to the pound sterling from colonial times and stayed pegged to it after independence. In 1975 the link was cut and the rupee was tied instead to a basket of currencies of India's major trading partners, with the Reserve Bank fixing the daily rate.
Read the full explanation →Which commission recommended the establishment of the Reserve Bank of India?
- A.Narasimham Committee
- B.Hilton Young Commission
- C.Chelliah Committee
- D.Sivaraman Committee
Show answer
Formally the Royal Commission on Indian Currency and Finance, it reported in 1926 that the control of currency and of credit should not be split between the Government and the Imperial Bank but placed in one central bank.
Read the full explanation →