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The earliest evidence of Banking transactions in India comes from which of the following era?
1. Medieval India
2. Gupta era
3. Maurya era
4. Vedic era

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Correct Answer - Option 4 : Vedic era

The correct answer is Vedic era.

  • The earliest evidence of Banking in India is found from the period of Vedic Civilization.

  • During the Vedic era, loan deeds called rnapatra or rnalekhya were prevalent.
  • Interest rates as well as usury was prevalent in Vedic India.
  • The Vedic word Kusidin refers to a usurer.
  • This term is also found in Manusmriti.

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