The First Indian bank to start merchant bank in India was
AICICI Bank
BSBI
CHDFC Bank
DAxis Bank
Answer:
B. SBI
Read Explanation:
Merchant banking:
- New projects and raising funds through borrowing and issue of equity.
- They were originally traders of commodities.
- Besides trading, they undertake financing to trade especially foreign trade.
- They also collect deposits from their customers.
- The basic function of a Merchant Bank is - Marketing Corporate Securities and Providing services related to capital market.
- Merchant banking activities especially those covering issue and underwriting of shares and debentures.
- Merchant Banking originated in Italy.
- First Merchant Banking started in India by Grindlays Bank in 1967
- First Indian bank started merchant banks in India- SBI (1972)