Discussion
Banking in India has its origin. as early as ___ period
Answer: C
Correct answer: Vedic
Banking in India is traced to the Vedic period, which is what "as early as" points to. The Vedic texts refer to lending and to the charging of interest, and later the Manusmriti and Kautilya's Arthashastra set out rules on deposits, pledges, rates of interest and the conduct of moneylenders.
Indigenous banking continued through the Mughal period with the shroffs and the hundi, a bill of exchange in wide use. Modern joint-stock banking on the European model did begin in the British period, but that is the origin of banking's present form rather than of banking in India.
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