The Clearing Corporation of India Limited (CCIL) was established in _____.
Show answer & explanation
Correct answer: D
Explanation
The correct answer (Option 4) is 2001.
Here is detailed information regarding this key institution of the Indian financial system (CCIL):
Clearing Corporation of India Limited (CCIL)
•Establishment: CCIL was established in April 2001.
•Objective: Its primary objective is to provide a secure and efficient 'clearing and settlement' system for transactions involving Government Securities, Foreign Exchange, and the Money Market.
•Promoters: It was established by major banks and financial institutions such as the State Bank of India (SBI), IDBI Bank, and ICICI Bank.
•Significance: It functions as a 'Central Counterparty' (CCP) in the market, thereby mitigating risk in financial transactions and enhancing transparency.
A Master Revision of Questions Solved So Far:-
You have covered several important topics today, which are highly significant from an examination perspective:
Subject - Key Point of the Question - Correct Answer
History - Siddhartha Gautama's Asceticism - Bodh Gaya
History - River Associated with Harappan Site - Ravi
Polity - Size of the Council of Ministers (91st Amendment) - 15% of the Lok Sabha
Science - SI Unit of Pressure - Pascal
Space - Launch Year of Aditya-L1 - 2023
Economy - Establishment of CCIL - 2001
Context of Other Options:
• 2004–2006: This was the period during which several banking reforms were implemented in India, and the conceptualization of the 'National Payments Corporation of India' (NPCI) began.