Official Answer Key & Detailed Solution
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Correct Answer: Option (C) — Enactment of Banking Regulation Act
Concept & Option Breakdown
Standard Reference VerifiedChronological order of the events:
- Enactment of Banking Regulation Act: 1949
- Introduction of First Five-Year Plan: 1951
- Nationalization of State Bank of India: 1955 (conversion of Imperial Bank of India into SBI)
- Nationalization of Insurance companies (creation of LIC): 1956 Therefore, the enactment of the Banking Regulation Act was the earliest event.
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