Economics · Banking Sector Reforms
During the Banking sector reforms period (1992-2008) in India, a significant move to increase competition and improve customer service in the banking system was:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Merging all existing Public Sector Banks (PSBs) into one mega-bank.
- 2Granting licenses to new private sector banks (e.g., HDFC Bank, ICICI Bank) under revised guidelines.✓
- 3Compulsory conversion of Development Financial Institutions (DFIs) into Non-Banking Financial Companies (NBFCs).
- 4The complete elimination of the Priority Sector Lending (PSL) mandate.
Correct answer
Granting licenses to new private sector banks (e.g., HDFC Bank, ICICI Bank) under revised guidelines.
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