Question

Which among the following was the first bank purely managed by Indians?
[A]Oudh Commercial Bank
[B]Punjab National Bank
[C]Bank of India
[D]Allahabad

Please elaborate if possible.

Answer 1

Punjab National Bank was the first bank purely managed by Indians.

Answer 2

'Punjab National Bank' was the 'first bank' purely 'managed by Indians'

Answer: Option B

Explanation:

The 'first bank' purely managed by Indians' was 'Punjab National Bank', constructed in Lahore in 1895. There has been a renewed trend towards mergers in the recent past. 'New bank of India' merged with 'Punjab National Bank' in 1993 and Bareilly Corporation Bank Ltd merged with Bank of Baroda in 1999. More recently, 20th Century Finance merged with Centurion Bank, Times Bank with HDFC Bank, 'Bank of Madura' with ICICI Bank and Nedungadi Bank with Punjab National Bank.