Multiple choice

As a part of its commitment to the World Trade Organization India took various steps to reform its financial sector. Which of the following is one major step in that direction?

  1. Huge budgetary provision for Bharat Nairman Yojana.

  2. More and more foreign banks are allowed to open branches in India.

  3. Rebate in rate of personal income tax for senior citizens.

  4. Introduction of Dividend Distribution Tax (DDT).

  5. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

As part of financial sector reforms and WTO commitments, India gradually liberalized its banking sector, allowing more foreign banks to open branches and increase their presence in the country.

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