BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

Banking and financial services all over the world are regulated usually by the Monetary Authority of the land. Who controls this function in India?

A	Ministry of Finance
B	SEBI
C	RBI
D	IRDA

Explanation:

Detailed explanation-1: -It is the Central Bank of India.

Detailed explanation-2: -Under the Reserve Bank of India, Act, 1934 (RBI Act, 1934) (as amended in 2016), RBI is entrusted with the responsibility of conducting monetary policy in India with the primary objective of maintaining price stability while keeping in mind the objective of growth.

Detailed explanation-3: -The Reserve Bank has been given the powers under the RBI Act 1934 to register, lay down policy, issue directions, inspect, regulate, supervise and exercise surveillance over NBFCs that meet the 50-50 criteria of principal business.

Detailed explanation-4: -The Government of India controls the Reserve Bank of India (RBI). RBI comes under the Ministry of Finance. RBI was nationalised on 1st January, 1949. It was established on 1st April 1935 through the Reserve Bank of India Act, 1934.

There is 1 question to complete.