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Question No. 376Interactive Test Mode
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Q376. Consider the following statements: 1. Reserve Bank of India was nationalized on 26 January, 1950 2. The borrowing programme of the Government of India is handled by the Department of Expenditure, Ministry of Finance. Which of the statements given above is/are correct?

Consider the following statements:

  1. Reserve Bank of India was nationalized on 26 January, 1950
  2. The borrowing programme of the Government of India is handled by the Department of Expenditure, Ministry of Finance. Which of the statements given above is/are correct?
Select the correct option below (or cross out options to eliminate)

Official Answer Key & Detailed Solution

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Click any option above to test yourself under exam conditions, or reveal the explanation directly.

Official UPSC Answer KeyUPSC Prelims 2004 • Indian Economy

Correct Answer: Option (D) — Neither 1 nor 2

Concept & Option Breakdown

Standard Reference Verified

Statement 1 is incorrect: The Reserve Bank of India was nationalized on 1st January, 1949 under the RBI (Transfer to Public Ownership) Act, 1948. Statement 2 is incorrect: The internal and external borrowing programmes of the Government of India are managed by the Department of Economic Affairs (DEA), Ministry of Finance, along with the RBI, not the Department of Expenditure.

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Question Specifications & Syllabus Mapping

Examination & YearUPSC Civil Services Preliminary Examination 2004 (Q376)
Paper & Marking SchemeGS Paper I • 2 Marks (-0.66 Negative for incorrect response)
Syllabus Subject & TopicIndian Economy → Banking & Financial System
Official Answer KeyOption (D) — Neither 1 nor 2

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Frequently Asked Questions — UPSC Prelims 2004 Q376

What is the official answer for UPSC Prelims 2004 GS Paper I Question 376 (Indian Economy)?

The official UPSC answer key for this 2004 Indian Economy (Banking & Financial System) question is Option (D): "Neither 1 nor 2". Correct attempts carry 2 Marks with -0.66 Negative penalty for wrong answers.

Which UPSC Prelims syllabus topic does this 2004 question belong to?

This question belongs to GS Paper I under the subject "Indian Economy" and micro-topic "Banking & Financial System". You can explore all repeated questions from Banking & Financial System in Acme AI's 3D Prelims PYQ Realm or practice 50 full-length and sectional tests in the APT Prelims Test Series.

How can I solve this Banking & Financial System UPSC Prelims question using option elimination?

To solve Banking & Financial System questions in UPSC Prelims, identify extreme modifiers, verify core NCERT conceptual definitions, and eliminate mutually contradictory statement pairs before locking your final option.

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