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Q47 (IAS/2004) Economy › Money, Banking & Inflation › Banking structure Answer Verified

Consider the following statements: 1. The National Housing Bank, the apex institution of housing finance in India, was set up as a wholly- owned subsidiary of the Reserve Bank of India. 2. The Small Industries Development Bank of India was established as a wholly-owned subsidiary of the Industrial Development Bank of India. Which of the statements given above is/ are correct?

Result
Your answer: —  Â·  Correct: C
Explanation

Both statements are correct. The National Housing Bank (NHB) was established by the National Housing Bank Act, 1987 and set up on July 9, 1988; according to NHB’s official FAQ it is wholly owned by the Reserve Bank of India [1]. The Small Industries Development Bank of India (SIDBI) was established in 1990 and was initially incorporated as a wholly owned subsidiary of the Industrial Development Bank of India (IDBI), before subsequent changes in its ownership structure [2]. Together, these official and authoritative sources confirm the factual basis of both statements.

Sources

  1. [1] https://www.nhb.org.in/en/frequently-asked-question-faqs/
  2. [2] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 7: Money and Banking > Small Industries Development Bank of India > p. 182
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