Read the following events:
(I) Capital adequacy norms for commercial banks
(II) Establishment of IDBI
(III) Allowing convertibility of rupee at the market rate in the current account.
(IV) Nationalisation of general insurance business
Arrange the events in the ascending order of their occurrence:

Correct option is C

Chronological Timeline of Events:
1. (II) Establishment of IDBI (1964): The Industrial Development Bank of India was set up in July 1964 as a wholly-owned subsidiary of the RBI to provide credit and other financial facilities for the expansion of Indian industry.
2. (IV) Nationalisation of General Insurance (1972): The General Insurance Business (Nationalisation) Act was passed in 1972, and the businesses of 107 insurers were nationalized and merged into four companies (GIC and its subsidiaries) effective from January 1, 1973.
3. (I) Capital Adequacy Norms (1988/1992): The Basel I framework was introduced internationally in 1988. India's RBI formally introduced capital adequacy norms for commercial banks in 1992 following the Narasimham Committee recommendations.
4. (III) Current Account Convertibility (1994): While partial convertibility started in 1992-93 (LERMS), the Rupee was made fully convertible on the current account in August 1994.
Information Booster
· Current Account Convertibility: This means that the Indian Rupee can be freely converted into foreign currency for trade in goods and services, but not yet for capital assets (like buying property abroad).
· Basel Norms: These are international banking regulations that ensure banks have enough capital to handle losses. India transitioned from Basel I to Basel II and is currently under Basel III.
· IDBI Evolution: IDBI transitioned from a Development Financial Institution (DFI) to a full-service commercial bank in 2004.
Additional Knowledge
· The Nationalisation of 14 Major Banks occurred in 1969, falling between the establishment of IDBI and the nationalization of general insurance.
· The SEBI Act, which gave statutory powers to the market regulator, was passed in 1992, the same year capital adequacy norms were adopted in India.