Question
Download Solution PDFWhich among the following is the oldest Public Sector Bank of India?
This question was previously asked in
NPCIL Assistant Grade-1 (Preliminary) Official Paper-I (Held On: 08 Sept, 2018)
Answer (Detailed Solution Below)
Option 1 : Allahabad Bank
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NPCIL Assistant Grade 1 Computer Knowledge Subject Test - 01
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20 Questions
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Detailed Solution
Download Solution PDFThe correct answer is Allahabad Bank.
Key Points
- Allahabad Bank was founded on 24 April 1865, making it the oldest public sector bank in India.
- The bank was established in Allahabad, Uttar Pradesh, during the British Raj.
- In 2020, Allahabad Bank merged with Indian Bank as part of a consolidation plan by the Government of India.
- Before its merger, Allahabad Bank had a wide presence with over 3,000 branches across India.
Additional Information
- Public Sector Banks (PSBs):
- These are banks where the majority stake is held by the Government of India.
- PSBs play a crucial role in the financial inclusion and economic development of the country.
- Bank Mergers in India:
- In recent years, the Indian government has merged several PSBs to create larger and stronger banks.
- The mergers aim to improve efficiency, reduce the number of non-performing assets (NPAs), and enhance the overall financial stability of the banking sector.
- Indian Bank:
- Founded in 1907 and headquartered in Chennai, Tamil Nadu.
- After the merger with Allahabad Bank, Indian Bank became one of the largest public sector banks in India.
- Banking Sector Reforms:
- The Indian government has undertaken various reforms to strengthen the banking sector, including the introduction of the Insolvency and Bankruptcy Code (IBC) and recapitalization plans.
- These reforms aim to address issues such as NPAs, improve governance, and ensure better management of resources.
Last updated on Mar 21, 2025
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