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Quiz on Indian Banking and Currency System

Indian Banking and Currency System very interesting subject for many students. Banking in India, in the contemporary sense, come from the last years of the 18th century. Amongst the very first financial institutions were the Bank of Hindostan, which was established in 1770 and also liquidated in 1829-32; as well as the General Bank of India, established in 1786 but stopped working in 1791.

The largest financial institution, as well as the earliest still in existence, is the State Bank of India (S.B.I). It originated as the Bank of Calcutta in June 1806. In 1809, it was renamed as the Bank of Bengal. This was among the 3 banks moneyed by a presidency federal government, the other 2 were the Bank of Bombay as well as the Bank of Madras. The three financial institutions were merged in 1921 to form the Imperial Bank of India, which upon India’s self-reliance, came to be the State Bank of India in 1955. For many years the presidency banks had served as quasi-central banks, as did their successors, till the Reserve Bank of India was established in 1935, under the Reserve Bank of India Act, 1934. Click here for Bank Reconciliation Statement Tutorial quiz.

 

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