1
Who was the first Governor of the Reserve Bank of India (RBI) after it was nationalized in 1949?
🥇 Medium First in Indian Finance & Economy
First in Indian Finance & Economy
50 Questions First in India
A collection of 20 high-quality static GK questions focusing on the pioneers, foundations, and landmark institutions of India's financial and economic history.
2
Which institution was the first development financial institution established in India in 1948 to provide long-term credit to industries?
3
Who served as the first Finance Minister of independent India?
4
In which city was the first Stock Exchange in India, the Bombay Stock Exchange (BSE), established?
5
Which was the first bank in India to be set up as a private bank with limited liability, managed by Indians?
6
Who was the first woman to hold the position of Finance Minister of India in a full-time capacity?
7
The first Five-Year Plan of India (1951-1956) was primarily based on which economic model?
8
Which bank was the first in India to introduce the ATM (Automated Teller Machine) facility?
9
Who was the first Chairman of the Planning Commission of India?
10
Which Indian state was the first to implement Value Added Tax (VAT) in 2005?
11
What was the name of the first bank established in India in 1770?
12
Who was the first Indian to become the Governor of the Reserve Bank of India?
13
Which was the first bank in India to be fully managed by Indians at that time (founded in 1894)?
14
The first census of India was conducted during the reign of which Viceroy?
15
Which Indian economist first estimated the national income of India in 1867-68?
16
In which year was the first Regional Rural Bank (RRB) established in India?
17
Which company became the first Indian private firm to be listed on the New York Stock Exchange (NYSE)?
18
Who served as the first Chief Economic Advisor to the Government of India?
19
The first 'Floating Rate Bond' in India was issued by which entity?
20
Which was the first bank in India to introduce Internet Banking?
21
Which was the first bank in India to introduce 'Cheque System' in 1784?
22
Who was the first Deputy Governor of the Reserve Bank of India to be appointed?
23
The first 'Economic Survey' of India was presented in the Parliament in which year?
24
Which Indian bank was the first to set up a branch outside India in London in 1946?
25
Who was the first woman to become the Chairperson of the State Bank of India (SBI)?
26
Which was the first Indian company to issue Global Depository Receipts (GDRs) in the international market?
27
The first 'Joint Stock Bank' in India established with limited liability was?
28
Who was the first Indian to be appointed as the Chairman of the Life Insurance Corporation of India (LIC)?
29
Which was the first state in India to establish a 'State Finance Commission' under the 73rd Constitutional Amendment Act?
30
The first 'Tax Research Unit' in India was established under which ministry?
31
Which was the first bank to introduce 'Credit Cards' in India?
32
Who was the first Finance Secretary of Independent India?
33
Which institution was the first to act as the Central Bank of India before the establishment of the RBI?
34
The first Indian state to present a 'Gender Budget' was?
35
Who was the first Deputy Chairman of the Planning Commission of India?
36
The first Indian bank to receive an ISO certification for its banking operations was?
37
Which was the first stock exchange in India to introduce 'Online Trading'?
38
The first Chairman of the 14th Finance Commission of India was?
39
Who was the first woman to serve as the Deputy Governor of the Reserve Bank of India?
40
The first 'Mutual Fund' in India was launched by?
41
Which institution was the first to act as a central banking authority in India, performing functions like note issuance before the RBI was established?
42
Who was the first Indian to be appointed as the Governor of the Reserve Bank of India (RBI) in 1943?
43
Which Indian state pioneered the concept of 'Gender Budgeting' by presenting a separate statement on gender-related budgetary allocations for the first time?
44
The first 'Mutual Fund' in India was launched in 1963 by which of the following public sector institutions?
45
Which bank holds the distinction of being the first Indian bank to set up a branch in London in 1946?
46
Who was the first woman to serve as a Deputy Governor of the Reserve Bank of India?
47
The first 'Floating Rate Bond' issued by the Government of India was launched in which year to manage public debt?
48
Which Indian private sector firm was the first to be listed on the New York Stock Exchange (NYSE)?
49
Who was the first Deputy Chairman of the Planning Commission of India (established in 1950)?
50
Which bank was the first in India to receive an ISO certification for its banking operations?
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Important Notes — First in Indian Finance & Economy
Evolution of Indian Finance: Key Milestones
Understanding the genesis of India's financial architecture is essential for aspirants of UPSC, SSC, and Banking exams. These milestones track India’s transition from a colonial economy to a global financial power.
- First Bank of India: The Bank of Hindustan was the first bank established in India in 1770 (Calcutta) under European management.
- First Bank Managed by Indians: Oudh Commercial Bank (established in 1881) holds the distinction of being the first bank to be managed entirely by Indians.
- First Bank with Limited Liability: Oudh Commercial Bank also holds the record for being the first Indian-managed bank with limited liability.
- First Bank with Indian Capital: Punjab National Bank (PNB), established in 1894 in Lahore, was the first bank to be set up solely with Indian capital.
- First Presidency Bank: The Bank of Bengal was established in 1806 (formerly Bank of Calcutta), marking the start of the Presidency Bank era.
- First Governor of RBI: Sir Osborne Smith served as the first Governor of the Reserve Bank of India (RBI) when it was established in 1935.
- First Indian Governor of RBI: C.D. Deshmukh became the first Indian to hold the post of RBI Governor in 1943.
Landmark Reforms and Economic Firsts
These facts cover the liberalization era and the foundational institutions that govern India's economic policy.
Financial and Monetary Milestones
- First Budget of Independent India: Presented by R.K. Shanmukham Chetty on November 26, 1947.
- First Woman Finance Minister (Full-time): Nirmala Sitharaman became the first full-time female Finance Minister of India in 2019.
- First Five-Year Plan: Launched in 1951, focusing primarily on the development of the primary sector, particularly agriculture.
- First Chair of NITI Aayog: The Prime Minister of India (Narendra Modi) serves as the ex-officio Chairperson of the NITI Aayog, which replaced the Planning Commission in 2015.
- First Economic Census: Conducted in 1977 to provide a data-driven overview of the Indian economy.
Stock Market and Banking Firsts
- First Stock Exchange: The Bombay Stock Exchange (BSE), established in 1875, is the oldest stock exchange in Asia.
- First Bank to introduce ATM: HSBC introduced the first Automated Teller Machine (ATM) in India in 1987 (Mumbai).
- First Bank to introduce Internet Banking: ICICI Bank became the first to offer internet banking services in India in 1998.
- First Credit Card in India: Central Bank of India launched the first credit card in 1980.
- First Payment Bank: Airtel Payments Bank was the first entity to receive a license from the RBI to operate as a payments bank in 2016.
These points are frequently tested in competitive exams. Memorizing the specific names and the corresponding years will provide a significant advantage in the "General Awareness" section.
