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Consider the following statements and identify the right ones.
i. Post nationalization, banks were supposed to open more branches in rural and semi-urban areas
ii. Banks had to provide credit facilities to areas that come under priority sector.
i. Post nationalization, banks were supposed to open more branches in rural and semi-urban areas
ii. Banks had to provide credit facilities to areas that come under priority sector.
- a)i only
- b)ii only
- c)both
- d)none
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Consider the following statements and identify the right ones.i. Post ...
Post nationalization, banks were supposed to open more branches in rural and semi-urban areas in order to collect savings from these areas.
Most Upvoted Answer
Consider the following statements and identify the right ones.i. Post ...
The correct answer is option 'C' - both statements are correct.
Explanation:
i. Post-nationalization, banks were supposed to open more branches in rural and semi-urban areas:
After the nationalization of banks in India in 1969, the government directed banks to expand their branch network in rural and semi-urban areas to ensure that banking facilities reach the unbanked population. This was done to promote financial inclusion and to provide banking services to all sections of society.
ii. Banks had to provide credit facilities to areas that come under the priority sector:
The priority sector refers to those sectors of the economy that need special attention from banks due to their importance in the overall development of the country. Priority sectors include agriculture, small and medium enterprises, education, housing, and export credit. Banks are required to provide a certain percentage of their total lending to these sectors, as directed by the Reserve Bank of India (RBI).
Therefore, both statements are correct and highlight the government's efforts to promote financial inclusion and support the growth of priority sectors in the Indian economy.
Explanation:
i. Post-nationalization, banks were supposed to open more branches in rural and semi-urban areas:
After the nationalization of banks in India in 1969, the government directed banks to expand their branch network in rural and semi-urban areas to ensure that banking facilities reach the unbanked population. This was done to promote financial inclusion and to provide banking services to all sections of society.
ii. Banks had to provide credit facilities to areas that come under the priority sector:
The priority sector refers to those sectors of the economy that need special attention from banks due to their importance in the overall development of the country. Priority sectors include agriculture, small and medium enterprises, education, housing, and export credit. Banks are required to provide a certain percentage of their total lending to these sectors, as directed by the Reserve Bank of India (RBI).
Therefore, both statements are correct and highlight the government's efforts to promote financial inclusion and support the growth of priority sectors in the Indian economy.
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Consider the following statements and identify the right ones.i. Post nationalization, banks were supposed to open more branches in rural and semi-urban areasii. Banks had to provide credit facilities to areas that come under priority sector.a)i onlyb)ii onlyc)bothd)noneCorrect answer is option 'C'. Can you explain this answer?
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