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Class 11 Finance MCQ Chapter 8 Nationalisation of Banks
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Nationalisation of Banks
Chapter: 8
| MCQ |
1. When was the Reserve Bank of India (RBI) nationalized?
(i) 1st January 1949.
(ii) 1st July 1955.
(iii) 19th July 1969.
(iv) 15th April 1980.
Ans: (i) 1st January 1949.
2. Which was the first bank to be nationalized in India?
(i) Punjab National Bank.
(ii) State Bank of India.
(iii) Canara Bank.
(iv) Bank of Baroda.
Ans: (ii) State Bank of India.
3. In which year were 6 additional major commercial banks nationalized?
(i) 1949
(ii) 1959
(iii) 1969
(iv) 1980
Ans:(iv) 1980
4. How many banks are there currently in the public sector after the mergers?
(i) 6
(ii) 8
(iii) 10
(iv) 12
Ans: (iv)12
5. When were the 8 associate banks of the State Bank of India nationalized?
(i) 1st July 1955
(ii) 1959.
(iii) 1969.
(iv) 1980.
Ans: (ii) 1959.
6. One of the criticisms against bank nationalization is that it might:
(i) Improve customer service significantly.
(ii) Lead to political misuse of financial resources.
(iii) Eliminate corruption in banks.
(iv) Increase private sector control.
Ans: (ii) Lead to political misuse of financial resources.
7. Which of the following was a concern that promises made by nationalized banks might not be fulfilled?
(i) Political purpose rather than productive purpose.
(ii) Beginning of state capitalism.
(iii) Less attractive customer’s services.
(iv) Promises may not materialize.
Ans: (iv) Promises may not materialize.
8. Nationalization of banks is criticized for possibly leading to:
(i) Immediate conversion into agricultural banks.
(ii) False hopes among the poor and middle class for loans.
(iii) Reduced control over the banking sector.
(iv) Increased corruption in private banks.
Ans: (ii) False hopes among the poor and middle class for loans.
9.One of the criticisms against bank nationalization is that it might:
(i) Improve customer service significantly.
(ii) Lead to political misuse of financial resources.
(iii) Eliminate corruption in banks.
(iv) Increase private sector control.
Ans: (ii) Lead to political misuse of financial resources.
10. Nationalization of banks could lead to the use of financial resources for:
(i) Political purposes.
(ii) Educational purposes.
(iii) Personal purposes.
(iv) Social reform.
Ans: (i)Political purposes.
11. What was the minimum deposit threshold for the banks nationalized in 1969?
(i) Rs. 25 crores.
(ii) Rs. 50 crores.
(iii) Rs. 75 crores.
(iv) Rs. 100 crores.
Ans: (ii) Rs. 50 crores.
12. The agency that controls and guides nationalized banks in India is:
(i) State Bank of India.
(ii) Reserve Bank of India.
(iii) Ministry of Finance.
(iv) National Bank for Agriculture and Rural Development.
Ans: (ii) Reserve Bank of India.
13. Which sector was later included in priority lending for public sector banks?
(i) Luxury real estate.
(ii) Retail trade.
(iii) Large corporations.
(iv) Export-oriented units.
Ans: (ii) Retail trade.
14. What type of loan was added to the priority sector to support weaker sections of society?
(i) Business expansion loans.
(ii) Luxury car loans.
(iii) Housing loans.
(iv) Foreign travel loans.
Ans: (iii) Housing loans.
15. Initially, priority sector lending by public sector banks saw rapid progress, but the rate of progress became:
(i) More rapid.
(ii) More modest.
(iii) Uncontrolled.
(iv) Unregulated.
Ans: (ii) More modest.
