Discussion
Which movement encouraged the formation of commercial banks?
Answer: A
Correct answer: Swadeshi movement
The Swadeshi movement, from 1905, urged Indians to use Indian goods and Indian institutions, and a wave of Indian-owned banks followed - among them Bank of India, Central Bank of India, Bank of Baroda and Canara Bank. The point was to keep Indian savings in Indian hands and to finance Indian enterprise, which the British-managed banks were reluctant to do.
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