Question

Which among the following financial institutions was nationalised in 1949 ?
1. PNB
2. IFCI
3. SIDBI
4. RBI

Answer 1

Correct Answer - Option 4 : RBI

The correct answer is RBI.

• After nationalization, the banks come directly under the Banking Regulation Act 1949.
• RBI (Reserve bank of India) was the first nationalized banks in India after Indian independence.
• It was nationalized with effect from 1st January 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.
• The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission.
• Shaktikanta Das was the governor of RBI.

• Punjab National Bank:
  • The bank was founded in 1894.
  • Punjab National Bank has been merged with United Bank of India and Oriental Bank of Commerce and has come into effect from April 1, 2020. 
• SIDBI:
• • It was established on 2 April 1990, through an Act of Parliament.
  • It is a development financial institution in India, headquartered at Lucknow.
  • S Ramann is the new chairman of SIDBI.
• Industrial Finance Corporation of India (IFCI):
  • It is a Non-Banking Finance Company established in 1948 as a statutory corporation.
  • Emandi Sankara Rao is the CEO of IFCI.