Question 1

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 2

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 3

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.

Question 4

The system of Indentured Labour Migration from India to British sugar colonies (Fiji, Mauritius, Caribbean) was officially abolished in which year?

Accepted Answer

1917 — Indentured labor migration to British colonies was officially abolished in 1917, following sustained nationalist campaigning (including figures like C.F. Andrews) against the system's often brutal, exploitative conditions — a significant, if incomplete, moral and political victory of the era.

Question 5

Under the Charter Act of 1813, an annual sum of how many rupees was set aside for the encouragement of education and literature in India?

Accepted Answer

One Lakh Rupees (Rs. 1,00,000) — The Charter Act of 1813 set aside one lakh rupees annually for education and literature — a modest sum by later standards but historically significant as an early formal colonial commitment to education funding, which grew considerably after the later Wood's Despatch of 1854.

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