As reported in various newspapers, the Reserve Bank of India is planning to allow more and more banks to function as Local Area Banks. This will help RBI in the implementation of which of the following of its plans/drives?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Only 1
B	Only 2
C	Only 3
D	Only 1 & (2)

Explanation:

Detailed explanation-1: -The Pradhan Mantri Jan Dhan Yojana (PMJDY) and National Strategy for Financial Inclusion (NSFI) 2019-2024 has given a further fillip to these efforts.

Detailed explanation-2: -The RBI acts as a regulator and supervisor of the overall financial system. This injects public confidence into the national financial system, protects interest rates, and provides positive banking alternatives to the public. Finally, the RBI acts as the issuer of national currency.

Detailed explanation-3: -The Payment and Settlement Systems Act of 2007 (PSS Act) gives the Reserve Bank oversight authority, including regulation and supervision, for the payment and settlement systems in the country.

Detailed explanation-4: -Brief about the report: In accordance with Section 36 (2) of the Banking Regulation Act, 1949, the Reserve Bank of India published the Report on Trend and Progress of Banking in India 2021–22.

There is 1 question to complete.