Which among the following is the oldest Public Sector Bank of India?

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NPCIL Assistant Grade-1 (Preliminary) Official Paper-I (Held On: 08 Sept, 2018)
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  1. Allahabad Bank
  2. State Bank of India
  3. Punjab National Bank 
  4. Central Bank of India

Answer (Detailed Solution Below)

Option 1 : Allahabad Bank
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Detailed Solution

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The 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.
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