General Awareness Quiz on Nationalisation of Banks: 18th November 2020

Q1.Which was the only public sector undertaking to be Nationalised in 1955?

(a)Bank of Hindustan
(b)Punjab National Bank
(c)Bank of india
(d)State Bank of India
(e)Reserve Bank of India

Q2.How many Banks were Nationalised in 1969?

(a)6
(b)8
(c)10
(d)12
(e)14

Q3.Second Phase of Nationalisation was conducted in which year?

(a)1970
(b)1980
(c)1990
(d)1995
(e)2000

Q4.How many Banks were Nationalised during Phase II?

(a)2
(b)4
(c)6
(d)8
(e)10

Q5.Which of the following Bank was Not Nationalised during Phase I?

(a)Andhra Bank
(b)Bank of Baroda
(c)UCO Bank
(d)Syndicate Bank
(e)Canara Bank

Q6.Which of the Bank was Nationalised during Phase I?

(a)Punjab and Sind Bank
(b)Vijaya Bank
(c)Oriental Bank of India
(d)Corporate Bank
(e)All of the Above

Q7.Key Objectives of Nationalisation of Banks was/ were-

(a)Address the rising economic difficulties in the 1960s
(b)Provide adequate credit for agriculture, small industry and exports
(c)Remove control of the few on Banking system
(d)Professionalize Bank Management
(e)All of the Above

Q8.The 50th anniversary of banks nationalisation was Celebrated in which year?

(a)2018
(b)2019
(c)2017
(d)2016
(e)2015

Q9.The Reserve Bank of India was nationalised on-

(a)1st January, 1950
(b)1st June, 1949
(c)1st January, 1949
(d)1st June, 1950
(e)1st July, 1950

Q10.The Reserve Bank of India was nationalised on the basis of-

(a)Reserve Bank of India Act, 1934
(b)Banking regulation Act, 1949
(c)Comapanies Act, 1935
(d)Reserve Bank of India (Transfer to Public Ownership) Act, 1948
(e)None of the Above

Q11.How many subsidiaries were nationalized & associated with State Bank of India in 1959?

(a)10
(b)7
(c)5
(d)3
(e)2

Q12.In India, Nationalization of banks was done in How many phases?

(a)2
(b)3
(c)4
(d)5
(e)6

Q13.At Present, there are _______ nationalised banks in India.

(a)11
(b)23
(c)19
(d)16
(e)20

Q14.Nationalization refers to-

(a)Transfer of public sector assets to be operated or owned by the state or central government
(b)Transfer of ownership, property or business from the government to the private sector
(c)Growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
(d)Both (a) & (b)
(e)Both (b) & (c)

Q15.The ____________________Act, 1969 laid down the conditions for nationalisation.

(a)Reserve Bank of India (Transfer to Public Ownership) Act
(b)Comapanies Act
(c)Banking regulation Act
(d)Banking Companies (Acquisition and Transfer of Undertakings) Act
(e)None of the Above

Solutions

S1.Ans.(d)
Sol.State Bank of India was the only public sector undertaking that was nationalised in 1955, before 1969.

S2.Ans.(e)
Sol.14 Banks were Nationalised in 1969.

S3.Ans.(b)
Sol.Second Phase of Nationalisation was conducted in 1980.

S4.Ans.(c)
Sol.Six banks were nationalised during the second phase on 15th April, 1980.

S5.Ans.(a)
Sol.The banks that were nationalised were:
1.Allahabad Bank
2.Bank of Baroda
3.Bank of India
4.Bank of Maharashtra
5.Central Bank of India
6.Canara Bank
7.Dena Bank
8.Indian Bank
9.Indian Overseas Bank
10.Punjab National Bank
11.Syndicate Bank
12.UCO Bank
13.Union Bank
14.United Bank of India

S6.Ans.(e)
Sol.In 1980, the government took control of another 6 banks.
These included Punjab and Sind Bank, Vijaya Bank, Oriental Bank of India, Corporate Bank, Andhra Bank and New Bank of India.

S7.Ans.(e)
Sol.The key objectives of nationalisation of banks were to –
1.Address the rising economic difficulties in the 1960s
2.Remove control of the few on banking system
3.Provide adequate credit for agriculture, small industry and exports
4.Professionalize bank management
5.Encourage a new class of entrepreneurs

S8.Ans.(b)
Sol.50th anniversary of banks nationalisation was Celebrated in 2019.

S9.Ans.(c)
Sol.The Reserve Bank of India was nationalised with effect from 1st January, 1949.

S10.Ans.(d)
Sol.The Reserve Bank of India was nationalised on the basis of Reserve Bank of India (Transfer to Public Ownership) Act, 1948.

S11.Ans.(b)
Sol.In 1959 , Seven subsidiaries nationalized & associated with State Bank of India
1. State Bank of Bikaner and Jaipur
2. State Bank of Hyderabad
3. State Bank of Indore
4. State Bank of Mysore
5. State Bank of Patiala
6. State Bank of Saurashtra
7. State Bank of Travancore

S12.Ans.(a)
Sol.In India, Nationalization of banks was done in 2 phases.

S13.Ans.(c)
Sol.At Present there are exactly 19 nationalised banks in india as per the RBI official website.

S14.Ans.(a)
Sol.Nationalization refers to the transfer of public sector assets to be operated or owned by the state or central government

S15.Ans.(d)
Sol.The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969 laid down the conditions for nationalisation.

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