BANKING GENERAL KNOWLEDGE
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Question
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Reserve Bank of India (RBI) on 15 January 2014 included two countries in the sensitive list under FEMA Act, 200 0. The countries in question are
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Iran and China
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Hong Kong and Macau
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Syria and Sudan
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Israel and Libya
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Explanation:
Detailed explanation-1: -After the Partition of India in August 1947, the bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations. Though set up as a shareholders’ bank, the RBI has been fully owned by the Government of India since its nationalisation in 1949.
Detailed explanation-2: -RBI acts as banker to the Government of Burma and also responsible for note issue in Burma. First Reserve Bank notes issued.
Detailed explanation-3: -Bank of Ceylon Bank of Nova Scotia Bank of Tokyo – Mitsubishi Ltd. Barclays Bank Plc. BNP Paribas China Trust Commercial Bank Shinhan Bank Citi Bank N.A. Calyon Bank Deutsche Bank DBS Bank Ltd. The Hongkong and Shanghai Banking Corporation Ltd.
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