Which among the following financial institutions was nationalised in 1949?
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → RBI
Out of the listed options, the financial institution nationalised in 1949 was the Reserve Bank of India (RBI).
- The Reserve Bank of India was the first financial institution nationalised in India.
- The nationalisation happened with effect from 1st January 1949.
- Public National Bank (Punjab National Bank now), IFCI (Industrial Finance Corporation of India), and SIDBI (Small Industries Development Bank of India) were not nationalised in 1949.