In which year was the New Bank of Bombay established?

Appeared in: DSSSB 12 August 2024

Explanation

The New Bank of Bombay was established in 1868.
It was founded as a successor to the original Bank of Bombay (established in 1840), which had failed and was liquidated in 1867.
This bank played a crucial role in the financial system of the Bombay Presidency during the British Raj.
The New Bank of Bombay was one of the three Presidency banks, which were later merged in 1921 to form the Imperial Bank of India.

Option A: The year 1911 is incorrect. While it is a significant year in Indian banking history, it is associated with the founding of the Central Bank of India, not the New Bank of Bombay.
Option B: The year 1891 is incorrect. The New Bank of Bombay was established more than two decades earlier.
Option C: The year 1901 is incorrect. The bank was established in the mid-19th century, not at the beginning of the 20th century.

Clinical Relevance

Nursing practice connection: This is primarily an exam-oriented knowledge point with limited direct bedside application, so retain History of Banking in India as background academic context rather than a clinical decision trigger.
While this is a general knowledge question, a broad awareness of history, culture, and current affairs is beneficial for nursing professionals.
General knowledge can enhance communication skills and help in building rapport with patients and colleagues from diverse backgrounds.
What if the question was about a major health-related historical event? For example, 'In which year was the Indian Nursing Council established?' The answer would be 1947, a critical fact for any Indian nurse to know.

How to Approach the Question

First, identify the key entity in the question, which is the 'New Bank of Bombay'.
Next, identify the specific information requested, which is the 'year of establishment'.
This is a factual recall question. Access your knowledge of Indian history, specifically the history of banking during the British Raj.
Recall that the Presidency Banks were the precursors to the modern State Bank of India.
Evaluate the given options. The years span from the mid-19th to the early 20th century. Place the event in this timeline.
Select the year that corresponds to the establishment of the New Bank of Bombay after the failure of its predecessor.

Concept Tested & Keywords

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Practise the full DSSSB 12 August 2024

Attempt every question from this paper in a timed mock, then review the full solution for each one.