What is a presidency bank?

2. What is a presidency bank?

  1. A financial institution that accepts deposits, offers to check account services
  2. An organization that is, generally, formed independently from the government
  3. Legal entity representing an association of people
  4. Banks under a common statute and imposed some restrictions on their business

Answer: D) Banks under a common statute and imposed some restrictions on their business

Explanation:

The Presidency Banks were the Bank of Bengal, set up on 2 June 1806, the Bank of Bombay (consolidated on 15 April 1840), and the Bank of Madras (joined on 1 July 1843). The Imperial Bank was 80% exclusive while the rest were possessed by the state.

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