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UPSC 2005: Consider the following statements: 1. Global Trust Bank has been amalgamated with the Punjab National Bank. 2. The second report of the Kelkar Committee dealing with direct and indirect taxes has maintained its original recommendations, including the abolition of exemptions relating to housing loans. Which of the 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
Global Trust Bank was amalgamated with Oriental Bank of Commerce in August 2004, not with Punjab National Bank. The Kelkar Committee’s second report softened its earlier stance: it limited but did not abolish the income-tax exemption for housing-loan interest, contrary to statement 2. Hence both statements are incorrect. ([timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/business/india-business/gtb-turns-obc-back-in-business/articleshow/815540.cms?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 2005 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 2005, GS Paper 1, as Question 140. 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.