BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The government gave its go-ahead to the Reserve Bank of India to issue Rs 200 notes that will ease pressure on lower-denomination currency bills recently. Who is the present Governor of RBI?
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HK Bhanwala
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Raghuram Rajan
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Urjit Patel
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Ajay Tyagi
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Explanation:
Detailed explanation-1: -Two new denominations viz. ₹ 2000 on November 08, 2016 and ₹ 200 on August 23, 2017 were introduced in the Mahatma Gandhi (New) Series.
Detailed explanation-2: -The RBI’s current currency-issuing system is known as the Minimum Reserve System. It was passed into law in 1956. The RBI is required to retain a minimum reserve of an amount of about Rs 200 crores in foreign currencies, gold coins, and gold bullion under the Minimum Reserve System.
Detailed explanation-3: -The RBI issues currency note under the fixed minimum reserve system. RBI is required to maintain reserves of Rs 200 crores which includes Rs 115 crores as gold reserve and the remaining in foreign currency. This is called minimum reserve system.
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