Question

Arrange the following banks as per their year of establishment in ascending order that is from beginning to latest: 
• [(A).] Canara Bank 
• [(B).] Central Bank of India 
• [(C).] Punjab National Bank 
• [(D).] Industrial Development Bank of India 
Choose the correct answer from the options given below: 
 

• A. (A), (C), (B), (D)
• B. (B), (D), (A), (C)
• C. (C), (A), (B), (D)
• D. (C), (B), (D), (A)

Hint:

Swadeshi-era commercial banks (like PNB, Canara Bank, and Central Bank of India) were established in the late 19th and early 20th centuries.
Specialized development banks (like IDBI and NABARD) were created much later in the post-independence era (post-1960s).

Answer 1

The Correct Option is C

Step 1: Understanding the Concept:
The history of banking in India includes the establishment of early commercial banks during the Swadeshi movement, followed by the development of specialized industrial and agricultural development banks in the post-independence era.

Step 2: Detailed Explanation:
Let us review the establishment years for each bank:
- Punjab National Bank (PNB) - (C): Established in 1894 in Lahore (now in Pakistan) by leaders of the Swadeshi movement, including Lala Lajpat Rai. It is the oldest Indian bank still in operation today.
- Canara Bank - (A): Established in 1906 by Ammembal Subba Rao Pai in Mangalore, Karnataka, under the name Canara Hindu Permanent Fund, later renamed Canara Bank.
- Central Bank of India - (B): Established in 1911 by Sir Sorabji Pochkhanawala. It was the first commercial bank wholly owned and managed by Indians.
- Industrial Development Bank of India (IDBI) - (D): Established in 1964 by an Act of Parliament as a wholly-owned subsidiary of the Reserve Bank of India, to provide credit and other financial facilities for industrial development.
Arranging these banks in ascending order of their establishment (from the oldest to the latest/newest):
\[ \text{PNB (C, 1894)} \rightarrow \text{Canara Bank (A, 1906)} \rightarrow \text{Central Bank of India (B, 1911)} \rightarrow \text{IDBI (D, 1964)} \] This corresponds to the sequence (C) \(\rightarrow\) (A) \(\rightarrow\) (B) \(\rightarrow\) (D).

Step 3: Final Answer:
The correct ascending sequence is Option (C).