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Q131 (IAS/2009) Economy › Money, Banking & Inflation › Banking regulation reforms Answer Verified

In the context of independent India's economy, which one of the following was the earliest event to take place ?

Result
Your answer: —  Â·  Correct: C
Explanation

The earliest event is the enactment of the Banking Regulation Act (originally the Banking Companies Act), which was passed in 1949 and provided the legal framework for regulation of commercial banks [1]. Chronologically, this was followed by the introduction of India’s First Five‑Year Plan in 1951 (beginning of planned economic development), the nationalisation of the Imperial Bank of India to form the State Bank of India in 1955 [2], and the nationalisation of life insurance companies in 1956 [3]. Since 1949 predates the other listed events, option (3) is correct based on the statutory enactment date and subsequent historical milestones [3].

Sources

  1. [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 7: Money and Banking > 2. Nationalised Banks > p. 176
  2. [2] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 7: Money and Banking > 2 1. State Bank of India > p. 175
  3. [3] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 8: Financial Market > M India's Efforts for Financial Inclusion > p. 239
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