How many commercial banks- were nationalised by the govt. of india on 15 april 1980?
Answers
Answered by
0
Banking Awareness : History of Commercial Banking System In India
Friends, this is the Lesson 2 of our Banking Awareness study material for upcoming RBI Grade B and IBPS PO IV online exams. Please read the Introductory Lesson 1 from herebefore reading this.
The Government of India passed comprehensive Banking Regulation Act in 1949for safeguarding the interest of depositors of Banking companies. According to the Act the definition of bank needs certain alterations, it now comprises acceptance of time liabilities and there is every reason for it to continue. The purpose of acceptance to deposits is strictly not relevant for the definition, though it is genuine for banking regulation. There is no need to distinguish between loans and deposits in the context of banking regulations. The definition of banking should cover all forms of acceptance of deposits from the public and banking regulations should deal with all types of banking.
The Reserve Bank of India was nationalized in 1949 (Note : RBI was created in the year 1935 and nationalized in 1949, don't be confused between these two years in exams) and playing a vital role in monetary and credit mechanism. The All India Rural Credit Survey Committee (1954) suggested that by statutory provision, the Imperial Bank of India should be converted into State Bank of India, with the object of extending banking facilities in rural areas. Accepting the recommendations of the committee, the Govt. of India enacted the State Bank of India Act, 1955. Consequently on 1st July, 1955, the Imperial Bank of India was nationalized and in its place, the State Bank of India was established. Thus, it was considered as a landmark in the history of commercial banking in India.
Subsequently with the passing of the State Bank of India (Subsidiary Banks) Act, 1959, the State Bank of India took over as its subsidiaries. The following are the subsidiary banks to SBI.
State Bank of BikanerState Bank of HyderabadState Bank of JaipurState Bank of IndoreState Bank of MysoreState Bank of PatialaState Bank of SaurashtraState Bank of Travancore
Plzzzzz mark me brainlist plzz...
Friends, this is the Lesson 2 of our Banking Awareness study material for upcoming RBI Grade B and IBPS PO IV online exams. Please read the Introductory Lesson 1 from herebefore reading this.
The Government of India passed comprehensive Banking Regulation Act in 1949for safeguarding the interest of depositors of Banking companies. According to the Act the definition of bank needs certain alterations, it now comprises acceptance of time liabilities and there is every reason for it to continue. The purpose of acceptance to deposits is strictly not relevant for the definition, though it is genuine for banking regulation. There is no need to distinguish between loans and deposits in the context of banking regulations. The definition of banking should cover all forms of acceptance of deposits from the public and banking regulations should deal with all types of banking.
The Reserve Bank of India was nationalized in 1949 (Note : RBI was created in the year 1935 and nationalized in 1949, don't be confused between these two years in exams) and playing a vital role in monetary and credit mechanism. The All India Rural Credit Survey Committee (1954) suggested that by statutory provision, the Imperial Bank of India should be converted into State Bank of India, with the object of extending banking facilities in rural areas. Accepting the recommendations of the committee, the Govt. of India enacted the State Bank of India Act, 1955. Consequently on 1st July, 1955, the Imperial Bank of India was nationalized and in its place, the State Bank of India was established. Thus, it was considered as a landmark in the history of commercial banking in India.
Subsequently with the passing of the State Bank of India (Subsidiary Banks) Act, 1959, the State Bank of India took over as its subsidiaries. The following are the subsidiary banks to SBI.
State Bank of BikanerState Bank of HyderabadState Bank of JaipurState Bank of IndoreState Bank of MysoreState Bank of PatialaState Bank of SaurashtraState Bank of Travancore
Plzzzzz mark me brainlist plzz...
Similar questions