Economics · Economy
The evolution of the Indian banking system during Phase I (Pre-1951) was primarily characterized by which of the following structural aspects?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The complete nationalization of all major private commercial banks by the union government.
- 2The initial formal mandates for Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR) targets.
- 3The coexistence of Presidency Banks and joint-stock private entities, culminating in the establishment of the Reserve Bank of India (RBI) and the enactment of the Banking Regulation Act, 1949.✓
- 4An extensive regulatory focus on directing institutional credit towards agriculture and small-scale industries.
Correct answer
The coexistence of Presidency Banks and joint-stock private entities, culminating in the establishment of the Reserve Bank of India (RBI) and the enactment of the Banking Regulation Act, 1949.
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