Explanation: Corporation Bank, one of the oldest public sector banks in India, was established in 1906. The bank was originally known as the Corporation Bank and Trust Company and was founded in Madras (now Chennai). This makes it one of the pioneers in the Indian banking sector, contributing significantly to the financial development of the country.
The formation of Corporation Bank in 1906 is a crucial date in the history of Indian banking. It was a time when the banking sector in India was evolving, and several new banks were being established to meet the growing financial needs of the country. Corporation Bank, being one of the earliest, played a pivotal role in shaping the banking landscape in India.
It is important to note that the year 1906 is the correct year for the formation of Corporation Bank. Other years mentioned in the options, such as 1989, 1903, and 123, are incorrect. The year 1989 might be confused with other significant events in the bank's history or the establishment of other financial institutions. The year 1903 is close but not accurate, as Corporation Bank was established in 1906. The year 123 is not a plausible year for the formation of Corporation Bank, as it predates the establishment of modern banking systems in India.
Understanding the formation year of Corporation Bank is essential for students preparing for competitive examinations such as UPSC Civil Services, SSC CGL, Banking Exams, and State PSC Exams. These exams often include questions on the history of Indian banking and financial institutions, and knowing the correct formation year of Corporation Bank is a key piece of information.
In summary, Corporation Bank was formed in 1906, marking a significant milestone in the history of Indian banking. This date is crucial for understanding the evolution of the banking sector in India and the role of Corporation Bank in this development.