Banking Institutions and History

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.

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.

Regional Rural Banks (RRBs) in India are jointly owned by the Central Government (50%), the concerned State Government (15%), and the Sponsor Bank (35%). They are not wholly owned by the sponsor bank.

Post-nationalization in 1969 and 1980, Indian banks underwent massive branch expansion, particularly in rural and unbanked areas, to promote financial inclusion.

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

ICICI Bank is widely recognized in India for its transition from a development financial institution to a universal bank. It was the first to offer a wide range of financial services under one roof.

In the 2010/2011 period, the State Bank of India (SBI) was recognized for its improved global ranking in 'The Banker' magazine's list of top banks.

Corporation Bank was the first Indian bank to receive approval from the China Banking Regulatory Commission to open a representative office in China.

This is the correct option as all these are private sector banks. These are owned, managed and controlled by private promoters, and are free to operate as per market forces.

This is the correct answer. The central bank of a country supervises controls and regulates the activities of all commercial banks of that country. It also acts as the government banker. It controls the credit and currency policies of the country. Reserve Bank of India is the Central Bank of India.

This is the correct answer. Cooperative banks are governed by the provisions of State Cooperative Societies Act and are meant essentially for providing cheap credit to their members. They are an important source of rural credit and agricultural financing in India.

This is the correct answer. These are foreign exchange banks, development banks or export-import banks catering to unique and specific needs of these unique activities. These banks provide financial aid to industries, heavy turnkey projects and foreign trade.

The State Bank of India (SBI) launched the 'Social Card' to facilitate charitable contributions through their banking network.

IOB stands for Indian Overseas Bank, a major public sector bank in India founded in 1937.