Which of the following banks was not nationalized during the nationalization of banks in 1969?
- A.Canara Bank
- B.SBI
- C.UCO Bank
- D.Bank Of Baroda
Correct answer
Explanation
The correct answer is B, SBI. The State Bank of India was not part of the 1969 nationalisation because it was already a government-owned bank. It was created on 1 July 1955, when the Imperial Bank of India was taken over under the State Bank of India Act, following the advice of the All India Rural Credit Survey Committee. On 19 July 1969, the government of Indira Gandhi nationalised 14 major commercial banks, each with deposits of over ₹50 crore. Six more banks were nationalised in 1980. Option A is wrong because Canara Bank was one of the 14 banks nationalised in 1969. Option C is wrong because UCO Bank, then called United Commercial Bank, was also on the 1969 list. Option D is wrong because Bank of Baroda was likewise nationalised in 1969. Exam tip: Imperial Bank became SBI in 1955; 14 banks were nationalised in 1969 and 6 in 1980; the RBI itself was nationalised in 1949.
Practice Questions
View allAccording to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
- A.improve
- B.diminish
- C.remain constant
- D.first diminish and then improve
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Each extra unit of a good gives a consumer less additional satisfaction than the unit before it, so marginal utility falls as consumption rises.
Read the full explanation →Consider the following statements about impact of tax : 1. A tax is shifted forward to consumers if the demand is inelastic relative to supply. 2. A tax is shifted backward to producers if the supply is relatively more inelastic than demand. Which of the statements given above is/are correct?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
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The burden of a tax falls more heavily on whichever side of the market is less elastic, the side that cannot easily walk away.
Read the full explanation →UBI, as an alternative for subsidies in poverty alleviation, stands for
- A.Union Basic Income
- B.Undefined Basic Income
- C.Unconditional Basic Income
- D.Universal Basic Income
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UBI is the idea of paying every citizen a fixed sum of money regularly, without conditions, in place of a large number of separate subsidies and welfare schemes.
Read the full explanation →Who among the following is the Chairman of the Fourteenth Finance Commission?
- A.C. Rangarajan
- B.Vijay Kelkar
- C.Y. V. Reddy
- D.Rakesh Mohan
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The Fourteenth Finance Commission, set up in 2013 for the award period 2015-2020, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India.
Read the full explanation →Why was constitutional amendment needed for introducing GST?
- A.States were not willing to agree with the Union for introduction of GST without amendment in the Constitution.
- B.GST was to be implemented on concurrent base and Article 246 was inadequate for such a case.
- C.The Empowered Committee of Finance Ministers had recommended for constitutional amendment.
- D.The GST Council had recommended for constitutional amendment so that its power enhances.
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GST is levied by the Union and the States together on the same supply, and Article 246, which splits taxing powers between them through separate lists, did not allow such a concurrent tax.
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