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UPSC 2009: In the context of independent India's economy, which one of the following was the earliest event to take place ?
(a)Nationalisation of Insurance companies
(b)Nationalisation of State Bank of India
(c)Enactment of Banking Regulation Act
(d)Introduction of First Five-Year Plan
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Not attemptedCorrect Answer: (c) Enactment of Banking Regulation Act
The Banking Regulation Act was enacted on 10 March 1949, predating the launch of the First Five-Year Plan (April 1951), the nationalisation of Imperial Bank as State Bank of India (1 July 1955) and the nationalisation of life-insurance companies via the LIC Act (September 1956). Hence it is the earliest event. ([en.wikipedia.org](https://en.wikipedia.org/wiki/Banking_Regulation_Act%2C_1949?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 2009 Indian Economy question?▼
The correct answer is option (c): Enactment of Banking Regulation Act. 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 2009, GS Paper 1, as Question 119. 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.