Reserve Bank of India relies on data submitted by Banks and quality of data is of great importance. In order to meet the need for correct and consistent data, RBI has initiated the project on ADF. What is the full form of ADF?

BANKING GENERAL KNOWLEDGE

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

A	Automated Data Flow
B	Automatic Document Feeder
C	Automatically Defined Function
D	Automatic Direction Finder

Explanation:

Detailed explanation-1: -WHAT IS THE BACKGROUND FOR ADF? In several of its functions, Reserve Bank of India relies on data submitted by banks and quality of data is of great importance. In order to meet the need for correct and consistent data, the Reserve Bank of India has initiated the project on Automated Data Flow (ADF).

Detailed explanation-2: -Detailed Solution. The incorrect statement is In 1929, the Hilton Young Commission recommended the establishment of a central bank to be called the ‘Reserve Bank of India’. The Reserve Bank of India is the central bank of the country. The Reserve Bank of India commenced operations in 1935.

Detailed explanation-3: -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-4: -Therefore, accepting deposits and advancing loans to the public is not the function of the Reserve Bank of India.

Detailed explanation-5: -The main functions of the bank are to regulate the issuing of bank notes and keeping the reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.

There is 1 question to complete.