Question

First commercial bank which was wholly owned and managed by Indians

• A. Central Bank of India
• B. Bank of Baroda
• C. Punjab National Bank
• D. State Bank of India

Answer 1

Answer:

A. Central Bank of India

• In 1865 Allahabad Bank was established (first joint stock bank in India) ( merged with Indian Bank in 2021)
• Alliance bank was established in 1875
• First purely commercial bank was formed in 1881 at Faizabad - Oudh commercial bank,(1881-1958)
• First Bank of India with Limited Liability to be managed by Indian Board. -1881
• It is also known as First Indian managed joint stock bank with limited liability-Oudh commercial bank
• First commercial bank which was wholly owned and managed by Indians-central Bank of India (1911)
• So it is purely swadeshi Bank-Central Bank of India.