When were the Local Area Banks were set up first in India?

Q. When were the Local Area Banks were set up first in India?
Answer: 1996
Notes: Local Area Banks were set up as per a Government of India Scheme announced in August 1996. RBI approved only 10 Local Area Banks out of all the applicants.

Question Source: 📚This question is part of Banking Awareness - 2025-26 course in GKToday's Android Application. The Course comprises 2400+MCQs on Banking & General Financial Awareness with explanation for All Banking Exams of 2025-26 such as IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Banking Examinations. Download the app here.

📌 Question Number: 9 in Local Area Banks (LABs) in India in the above course in App.