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UPSC 2004: Consider the following statements: 1. Reserve Bank of India was nationalized on 26 January 1950. 2. The borrowing programme of the Government of India is handled by the Department of Expenditure, Ministry of Finance. Which of these statements given above is/are correct?
(a)1 only
(b)2 only
(c)Both 1 and 2
(d)Neither 1 nor 2
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Not attemptedCorrect Answer: (d) Neither 1 nor 2
The Reserve Bank of India, originally a shareholders’ bank, was nationalised on 1 January 1949, not on 26 January 1950, so statement 1 is wrong. Central Government market borrowing and public debt are planned and managed by the Budget Division/PDMC in the Department of Economic Affairs (Ministry of Finance), not by the Department of Expenditure, so statement 2 is also wrong; hence neither statement is correct. ([rbi.org.in](https://www.rbi.org.in/scripts/chro_1935.aspx?utm_source=openai))
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What is the correct answer to this UPSC 2004 Indian Economy question?▼
The correct answer is option (d): Neither 1 nor 2. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Banking & Financial Sector question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2004, GS Paper 1, as Question 130. It falls under Indian Economy > Banking & Financial Sector.
What is the difficulty level of this UPSC question?▼
This question is rated "moderate". It requires sound conceptual understanding of the topic.
How many UPSC Prelims questions have been asked from Banking & Financial Sector?▼
UPSC has asked 48 questions from Banking & Financial Sector (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.