Which Act provided the legal basis for the establishment of SBI?

Reserve Bank of India Act, 1934

The Imperial Bank of India was formed in 1921 by amalgamating which three Presidency Banks?

Bank of Bengal, Bank of Bombay and Bank of Madras

Bank of Bengal, Bank of Punjab and Bank of Madras

Bank of Bombay, Bank of Punjab and Bank of Sind

Bank of Madras, Bank of Gujarat and Bank of Bengal

Which Act governs the Reserve Bank of India's establishment and functions?

Reserve Bank of India Act, 1934

Which of the following is a core function of the RBI?

Conducting parliamentary elections

Operating all private companies

Medium Free Competitive Exams Banking

SBI & Bank Exams Special Quiz

SBI and Banking Exams practice quiz covering SBI, RBI, Public-Sector Banks, Banking History, Headquarters, Bank Taglines and Important Banking Facts for competitive examinations.

50 Questions

No limit Duration

40% To pass

1.00 Marks / correct

Instructions

This quiz has 50 questions.
There is no time limit on this quiz.
You need 40% to pass.
There is no negative marking.
You can mark questions for review and return to them before submitting.
Correct answers and explanations are shown after you submit.

Sample Questions & Answers

A preview of 12 questions from this quiz, each with the correct answer and a written explanation. Attempt the full, timed quiz to be scored and earn XP.

Question 1
Which institution was transformed into the State Bank of India in 1955?
- Imperial Bank of India Correct answer
- Bank of Bengal
- Reserve Bank of India
- Bank of India
Explanation: The Imperial Bank of India was transformed into the State Bank of India under the State Bank of India Act, 1955.
Question 2
In which year was the State Bank of India established?
- 1949
- 1955 Correct answer
- 1969
- 1980
Explanation: SBI was established in 1955 under the State Bank of India Act, 1955.
Question 3
Which Act provided the legal basis for the establishment of SBI?
- Banking Regulation Act, 1949
- Reserve Bank of India Act, 1934
- State Bank of India Act, 1955 Correct answer
- Companies Act, 1956
Explanation: The State Bank of India Act, 1955 provided the statutory framework for establishing SBI.
Question 4
The Imperial Bank of India was formed in 1921 by amalgamating which three Presidency Banks?
- Bank of Bengal, Bank of Bombay and Bank of Madras Correct answer
- Bank of Bengal, Bank of Punjab and Bank of Madras
- Bank of Bombay, Bank of Punjab and Bank of Sind
- Bank of Madras, Bank of Gujarat and Bank of Bengal
Explanation: The Imperial Bank of India was formed in 1921 through the amalgamation of the three Presidency Banks.
Question 5
Which of the following is a major subsidiary of SBI?
- SBI Life Insurance Correct answer
- LIC Housing Finance
- PNB Housing Finance
- National Housing Bank
Explanation: SBI Life Insurance is an insurance subsidiary associated with the SBI group.
Question 6
Which institution is the central bank of India?
- State Bank of India
- Reserve Bank of India Correct answer
- Bank of India
- NABARD
Explanation: The Reserve Bank of India is India's central bank and performs core monetary and banking-system functions.
Question 7
When did the Reserve Bank of India commence operations?
- 1 April 1935 Correct answer
- 1 January 1935
- 15 August 1947
- 26 January 1950
Explanation: The Reserve Bank of India commenced operations on 1 April 1935.
Question 8
Which Act governs the Reserve Bank of India's establishment and functions?
- State Bank of India Act, 1955
- Reserve Bank of India Act, 1934 Correct answer
- Banking Regulation Act, 1949
- Companies Act, 2013
Explanation: The Reserve Bank of India Act, 1934 provides the statutory basis for the RBI.
Question 9
In which year was the Reserve Bank of India nationalized?
- 1935
- 1947
- 1949 Correct answer
- 1955
Explanation: The RBI was nationalized in 1949, making it fully state-owned.
Question 10
Which of the following is a core function of the RBI?
- Conducting parliamentary elections
- Managing monetary policy Correct answer
- Operating all private companies
- Issuing passports
Explanation: The RBI is responsible for monetary policy and several key functions in India's financial system.
Question 11
Where is the headquarters of the Reserve Bank of India?
- New Delhi
- Mumbai Correct answer
- Kolkata
- Chennai
Explanation: The headquarters of the RBI is in Mumbai, Maharashtra.
Question 12
Where is the corporate centre of State Bank of India located?
- Mumbai Correct answer
- New Delhi
- Kolkata
- Bengaluru
Explanation: State Bank of India's corporate centre is located in Mumbai.