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Reforms & development in the banking sector
What was the primary objective of the Narasimham Committee I (1991) recommendations?
To reform the banking sector by reducing statutory pre-emptions, introducing prudential norms, and moving towards a market-driven financial system.
What was the first scheduled commercial bank to be nationalised in India in 1955?
State Bank of India was nationalised in 1955.
Which year marked the introduction of prudential norms for income recognition and asset classification in Indian banking?
1992-93, when the RBI introduced IRAC (Income Recognition, Asset Classification and Provisioning) norms based on Narasimham Committee I recommendations.
What was the main purpose of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970?
It provided legal basis for nationalisation of 14 major banks.
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