General Awareness Quiz for ECGC PO & Bank Mains Exams 2021- 14th February |

Q1. Who was the Prime Minister of India when Banking Nationalization was done in 1969?
(a)Jawaharlal Nehru
(b)Indira Gandhi
(c)Rajiv Gandhi
(d)PV Narasimha Rao
(e)Atal Bihari Vajpayee

Q2. The name of Imperial Bank was changed to__________after its nationalization?
(a)State Bank of India
(b)Punjab National Bank
(c)Corporation Bank
(d)Bank of Baroda
(e)None of these

Q3. Nationalization of banks has led to?
(a)Better terms of credit to priority sector
(b)Easier terms of credit
(c)Reduction in Regional Disparities
(d)Efficient Services
(e)None of these

Q4. Consider the following events and arrange these in chronological order?
I. Garibi Hatao
II. Bank Nationalization
III. Beginning of Green Revolution
Select correct answer from the codes given below?
(a)I, II and III
(b)III, II and I
(c)III, I and II
(d)II, I and III
(e)None of the above

Q5. How many banks were nationalized in the second phase of bank nationalization?
(a)Five
(b)Four
(c)Three
(d)Six
(e)Two

Q6. How many banks were nationalized in India in the year 1969?
(a)12
(b)29
(c)14
(d)6
(e)None of these

Q7. In which year was The Banking Regulation Act passed in India?
(a)1947
(b)1935
(c)1965
(d)1949
(e)None of these

Q8. The merger of Vijaya Bank and Dana Bank with _______.
(a)SBI
(b)PNB
(c)Indian Bank
(d)Bank of Baroda
(e)Indian Overseas Bank

Q9. When was the nationalization of State Bank of India?
(a)1945
(b)1949
(c)1934
(d)1955
(e)1947

Q10. How many Public sector bank are there in India?
(a)22 Public Sector Banks
(b)12 Public Sector Banks
(c)13 Public Sector Banks
(d)15 Public Sector Banks
(e)18 Public Sector Banks

Q11. Reserve Bank of India was nationalized on_________.
(a)1 January, 1949
(b)21 May, 1948
(c)13 July, 1951
(d)12 October, 1951
(e)None of these

Q12. Which of the following is the first commercial bank?
(a)Union Bank of India
(b)State Bank of India
(c)Oudh Commercial Bank
(d)Indian Bank
(e)None of these

Q13. Which of the following was not the cause of nationalization of banks in India?
(a)The poor masses continued to be exploited by the moneylenders
(b)The banks mostly catered to the needs of large industries, big business houses
(c)Banks refused to obey the rules stipulated by the government
(d)Sectors such as agriculture, small scale industries and exports were lagging behind
(e)None of these

Q14. Why were Banks nationalized in India?
(a)To follow the IMF guidelines
(b)To borrow money from USA
(c)To provide the government of India more control of credit delivery
(d)All of the above
(e)None of these

Q15. Scheduled Banks are classified into:
(a)Nationalized Banks
(b)State Bank of India and Its Associates
(c)Regional Rural Banks (RRB)
(d)All of the above
(e)None of these

Solutions

S1.Ans(b)
Sol. Indira Gandhi was the Prime Minister of India when Banking Nationalization was done in 1969.

S2.Ans(a)
Sol. The name of Imperial Bank was changed to State Bank of India after its nationalization.

S3.Ans(c)
Sol. Due to Nationalization of Banks the motive of government to reduce the regional and economic disparity been tackled and somehow it has been achieved.

S4.Ans(b)
Sol. The Green Revolution in India was started in 1966 to increase the production of grains and to Self-dependence in food grains. Firstly, the Nationalization of 14 Banks in 1969 and in 1971 Garibi Hatao slogan was given by Indira Gandhi during the general elections.

S5.Ans(d)
Sol. 6 Banks were nationalized in the second phase of bank nationalization.

S6.Ans(c)
Sol. India nationalized 14 private banks on July 19, 1969.

S7.Ans(d)
Sol. Banking Regulation Act, passes in 1949.

S8.Ans(d)
Sol. The Cabinet has approved merger of Vijaya Bank and Dana Bank with Bank of Baroda.

S9.Ans(d)
Sol. State Bank of India was previously called Imperial Bank of India in 1921 & it was Nationalized in 1955.

S10.Ans(b)
Sol. There are a total of 12 Public Sector Banks alongside 1 state-owned Payments Bank in India.

S11.Ans(a)
Sol. The Reserve Bank of India was nationalized with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.

S12.Ans(c)
Sol. Oudh Commercial Bank or Awadh Commercial Bank was an Indian bank established in 1881 in Faizabad and operated until 1958 when it failed. It was the first commercial bank in India having limited liability and an entirely Indian board of directors.

S13.Ans(c)
Sol. All the causes of nationalization except the statement ‘Banks refused to obey the rules stipulated by the government’ are true.

S14.Ans(c)
Sol. Bank were nationalized for to provide the government of India more control of credit delivery, and to promote rapid growth in agriculture, small industries and export.

S15.Ans(d)
Sol. Scheduled Banks are classified into:
-Nationalized Banks
-State Bank of India and Its Associates
-Regional Rural Banks (RRB)

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