Question : Statement 1: Financial sector reforms aimed to improve access to financial services for all sections of society.
Statement 2: The 1991 economic policy led to the nationalization of banks in India.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
Statement 1 is true: Financial sector reforms in the 1991 economic policy aimed to improve access to financial services for all sections of society. The reforms focused on liberalizing and modernizing the financial sector, promoting competition among banks, and expanding the reach of financial services to underserved areas and populations.
Statement 2 is false: The 1991 economic policy did not lead to the nationalization of banks in India. In fact, one of the key objectives of the economic reforms was to reduce the role of the government in the banking sector and promote greater efficiency and competitiveness through measures like deregulation and the entry of private banks.
Therefore, statement 1 accurately reflects the objective of financial sector reforms, while statement 2 is incorrect.
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