Arrange the financial institutions according to their formation from latest to earliest:

(a) Industrial Finance Corporation of India
(b) Regional Rural Bank
(c) National Bank for Agriculture and Rural Development
(d) National Industrial Development Corporation
(e) The Reserve Bank of India

Choose the correct answer from the options given below:

Correct option is B

The correct chronological order of formation from latest to earliest is:

1. National Bank for Agriculture and Rural Development (NABARD) – 1982: NABARD was established to refinance and support credit institutions that lend to agriculture, rural development, and small industries.
2. Regional Rural Bank (RRB) – 1975: RRBs were created to provide affordable banking and credit facilities to rural areas, bridging the gap between formal banking institutions and rural needs.
3. National Industrial Development Corporation (NIDC) – 1954: NIDC was formed to promote industrial growth and support large infrastructure projects.
4. Industrial Finance Corporation of India (IFCI) – 1948: IFCI was the first development finance institution to cater to the financial needs of industries post-independence.
5. Reserve Bank of India (RBI) – 1935: The RBI, India’s central bank, was established to regulate monetary policy and act as the custodian of the country’s financial stability.

Information Booster

1. NABARD (1982): Focuses on rural credit and development, supervising cooperative banks and RRBs while supporting agricultural projects.
2. RRB (1975): Aimed to assist rural farmers, artisans, and small-scale industries, operating at the grassroots level.
3. NIDC (1954): Focused on fostering industrial progress by providing financial and technical assistance to industries in India.
4. IFCI (1948): Played a pioneering role in India’s industrialization efforts, providing long-term financing to large industries.
5. RBI (1935): India’s central bank, instrumental in regulating the banking system, issuing currency, and maintaining monetary stability.