Economics (Part – XII)

41. In which year was NABARD established? [S.S.C. Online C.G.L. (T-I) 6.03.2020 (Shift-II)]

(a) 1978
(b) 1979
(c) 1982
(d) 1981

Solution:National Bank for Agriculture and Rural Development (NABARD) was established on 12 July 1982 by an Act of the Parliament. NABARD, as a Development Bank, is mandated for providing and regulating credit and other facilities for the promotion and development of agriculture, small scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas, and for matters connected therewith or incidental thereto.

42. Which central institution monitors and regulates agricultural credit in India? [S.S.C. Online MTS (T-I) 20.08.2019 (Shift-I)]

(a) SEBI
(b) NABARD
(c) IRDA
(d) RBI

Correct Answer: (b) NABARD

Solution:National Bank for Agriculture and Rural Development (NABARD) was established on 12 July 1982 by an Act of the Parliament. NABARD, as a Development Bank, is mandated for providing and regulating credit and other facilities for the promotion and development of agriculture, small scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas, and for matters connected therewith or incidental thereto.

43. Regional Rural Banks are sponsored by- [S.S.C. Online C.G.L. (T-I) 9.09.2016 (Shift-II)]

(a) Nationalised Commercial Bank
(b) Reserve Bank of India
(c) State Bank of India
(d) Government of India

Correct Answer: (a) Nationalised Commercial Bank

Solution:Regional Rural Banks are sponsored by any national commercial bank, PSU or private bank. The central government, sponsor bank, and state government have share capital in the ratio of 50:35:15. In RRBs, 15% share is held by the State Government, 50% by the Central Government, and 35% by the Sponsor Bank.

44. The Regional Rural Banks Act was passed in________. [S.S.C. Online CHSL (T-I) 07.06.2022 (Shift-II)]

(a) 1976
(b) 1956
(c) 1986
(d) 1966

Correct Answer: (a) 1976

Solution:The Regional Rural Banks Act was passed in 1976. Regional Rural Banks were established under the provisions of an ordinance passed on 26 September 1975 and the RRB Act 1976 to provide sufficient banking and credit facility for agriculture and other rural sectors.

45. The first Regional Rural Bank was established in India in the year : [S.S.C. Online CHSL (T-I) 17.03.2020 (Shift-III)]

(a) 1991
(b) 1982
(c) 1975
(d) 1980

Solution:The first Regional Rural Bank in India was established in 1975. The country's first regional rural bank was named Prathama Bank, with an authorized capital of Rs 5 crore.

46. Which of these is not an Indian Bank? [S.S.C. Online CHSL (T-I) 3.02.2017 (Shift-II)]

(a) Axis Bank
(b) HDFC Bank
(c) ICICI Bank
(d) HSBC Bank

Correct Answer: (d) HSBC Bank

Solution:Axis Bank, HDFC Bank and ICICI Bank are private sector Indian banks, while HSBC Bank is a multinational foreign bank. Its headquarter is in London.

47. Where is the corporate office of RBL Bank located? [S.S.C. Online CGL (T-I) 13.08.2021 (Shift-II)]

(a) Bengaluru
(b) Mumbai
(c) Srinagar
(d) Patna

Correct Answer: (b) Mumbai

Solution:The corporate office of RBL Bank is located in Mum-bai. This bank was established in the year 1943. This bank was earlier known as Ratnakar Bank.

48. Which of the following is NOT a nationalised bank? [S.S.C. Online C.G.L. (T-I) 4.03.2020 (Shift-II)]

(a) State Bank of India
(b) United Bank of India
(c) Punjab National Bank
(d) Punjab and Sind Bank

Correct Answer: (b) United Bank of India

Solution:United Bank of India was a nationalized bank when the question was asked in the paper. United Bank of India has merged with Punjab National Bank with effect from April 1, 2020. It is to be noted that SBI is not included in the list of Nationalized Banks on RBI's website.

49. MUDRA Bank has been launched to help- [S.S.C. Online C.G.L. (T-I) 3.09.2016 (Shift-I)]

(a) Small business
(b) Marginal farmers
(c) Poor women
(d) Rural sector

Correct Answer: (a) Small business

Solution:Mudra Bank was launched in India on 8th April, 2015. Mudra Bank has been launched to help small businesses. The full form of MUDRA is Micro Units Development Fund Refinance Agency. Loans up to Rs 10 lakh will be given through this bank under Pradhan Mantri Mudra Yojana.

50. Which one of the following departments of the Government of India operates a payments bank? [S.S.C. Online Constable GD 13.02.2019 (Shift-II)]

(a) Department of Posts
(b) Department of Economic Affairs
(c) Department of Accounts Affairs
(d) Department of Financial Inclusion

Correct Answer: (a) Department of Posts

Solution:The Department of Posts, Government of India, operates the payments bank. Airtel started India's first payments bank in Rajasthan. Payment banks can take deposits from customers but cannot give loans.