When did the Government of India appoint a committee under the chairmanship of Shri M.Narasimham to strengthen the banking system?

a. May, 2006

b. April, 1998

c. December, 1997

d. September, 2005

ANSWER: December, 1997

Explanation:

In December, 1997, the Government of India appointed a committee under the chairmanship of Shri M.Narasimham to strengthen the banking system which submitted its report in April, 1998. The government accepted some of its recommendations, viz. prudential accounting norms, and classification of government-guaranteed advances.