Question

Following statements are on the National Credit Council. You are requested to identify the wrong statement

• A. The National Credit Council was established in 1967
• B. It was the result of adoption of 'social control' over banks as a policy measure
• C. It recognised the importance of the commercial banks' role as complementary to co-operatives in agriculture and rural credit
• D. It led to the formation of National Bank for Agriculture and Rural Development.

Answer 1

Answer:

D. It led to the formation of National Bank for Agriculture and Rural Development.

The National Credit Council (NCC) was established in 1967, but it was primarily aimed at integrating credit policies and coordinating the activities of various lending institutions to promote rural development, rather than implementing "social control" over banks.