Indian Economy : Money and Banking

Municipal corporations and municipalities are local government bodies that primarily levy house tax (property tax) to generate revenue for local services.

Professional tax is a tax levied by state governments on professions, trades, and callings, and the proceeds are often assigned to local bodies.

The Oudh Commercial Bank (Avadh Commercial Bank) was established in 1881 in Faizabad.

Historically, excise duties have been a major source of revenue for the Indian government, though this can vary by fiscal year.

The Avadh Commercial Bank, established in 1881, is recognized as the first bank in India having limited liability and managed by Indians.

Call money is a component of the money market where funds are transacted on an overnight basis or for a period up to 14 days.

The Reserve Bank of India was nationalized on January 1, 1949, under the Reserve Bank (Transfer to Public Ownership) Act, 1948.

The Banking Ombudsman Scheme was first introduced by the Reserve Bank of India in 1995.

The Banking Ombudsman is a quasi-judicial authority created by the RBI to resolve customer complaints against banks.

The Reserve Bank of India (RBI) is the central bank of India and is responsible for the regulation of money circulation and monetary policy.

The Banking Regulation Act was passed in 1949 to regulate the banking sector in India.

The Banking Ombudsman Scheme was introduced by the Reserve Bank of India (RBI). While option A says 'ARBI', this appears to be a typographical error for 'RBI'. RBI introduced this scheme in 1995 as part of its consumer protection mandate. SBI, Ministry of Finance, and NABARD do not introduce banking regulatory schemes.

The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.

The Reserve Bank of India acts as the banker to the government, managing its accounts and public debt.

The central office of the Reserve Bank of India is located in Mumbai, Maharashtra.

The second phase of nationalization of banks in India took place on April 15, 1980, when six more banks were nationalized.

Stamp duty is a tax levied by the Central Government but collected by the State Governments.

In the second phase of nationalization in 1980, six banks were nationalized.

The Lead Bank Scheme was introduced by the Reserve Bank of India in 1969 to ensure adequate banking facilities in rural areas.

Sir Osborne Smith was the first Governor of the Reserve Bank of India.

The Imperial Bank of India was converted into the State Bank of India on July 1, 1955, following the recommendation of the Gorwala Committee.

The first phase of bank nationalization in India occurred on July 19, 1969, when 14 major commercial banks were nationalized.

Organized sectors in banking refer to regulated entities like nationalized, regional rural, and cooperative banks. Chits and money lenders are part of the unorganized sector.

State governments in India historically derived their largest share of tax revenue from Sales Tax (now largely subsumed under GST). Other options like Income Tax are central government revenue sources.