Question 1

The first Indian Factory Act regulating child labor and working hours in modern industrial units was enacted in which year?

Accepted Answer

1881 (under Lord Ripon) — The first Indian Factory Act, regulating child labor specifically, was passed in 1881 under Lord Ripon — a modest first step in factory regulation, later followed by successive Acts (1891, 1911, 1922) progressively expanding worker protections, though still limited by colonial-era standards.

Question 2

What was the maximum age of children protected and working hours fixed for them under the Factory Act of 1881?

Accepted Answer

Children between 7 and 12 years limited to 9 hours of work per day — The 1881 Factory Act specifically limited children aged 7 to 12 to 9 hours of daily work — a real but quite modest first regulation by later standards, illustrating how gradually and incompletely colonial labor protections developed over subsequent decades.

Question 3

The Reserve Bank of India (RBI) was established in 1935 following the recommendations of which body?

Accepted Answer

Hilton Young Commission (Royal Commission on Indian Currency and Finance) — The Hilton Young Commission's recommendations directly led to the RBI's establishment in 1935 — a landmark institutional development in Indian monetary policy, though it remained under British control until independence.

Question 4

The first modern joint-stock commercial bank managed entirely by Indians, established in Lahore in 1894, was:

Accepted Answer

Punjab National Bank — Punjab National Bank, founded in Lahore in 1894, was the first modern joint-stock bank managed entirely by Indians — a notable milestone of indigenous financial institution-building distinct from the largely British-controlled banking sector of the period.

Question 5

The three Presidency Banks (Bank of Bengal, Bank of Bombay, Bank of Madras) were merged in 1921 to form the:

Accepted Answer

Imperial Bank of India — The three Presidency Banks merged in 1921 to form the Imperial Bank of India — which itself was later reorganized into the State Bank of India after independence, a useful sequence to keep clear for exam purposes.

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