Discussion
According to which issue of guidelines did the RBI grant approval for the setting up of 13 new privately-owned domestic banks?
Answer: C
Correct answer: January, 1993
The guidelines of January 1993 opened Indian banking to new private entrants for the first time since nationalisation, and under them the Reserve Bank approved a number of new private banks - among them HDFC Bank, ICICI Bank, UTI Bank (now Axis) and IndusInd. They were a central part of the liberalisation that followed the 1991 balance of payments crisis and the Narasimham Committee report.
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