The Reserve Bank of India has asked all the banks to install Note Sorting Machines in the branches. How will this help banks and the general public?begin{enumerate}item The machines will check for counterfeit notes and drop these from circulation.item This will help banks to count the notes quickly and accurately.item This will help in sorting out soiled notes so that they are not reissued by the banks.end{enumerate}

BANKING GENERAL KNOWLEDGE

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

The Reserve Bank of India has asked all the banks to install Note Sorting Machines in the branches. How will this help banks and the general public?

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

Explanation:

Detailed explanation-1: -The Reserve Bank of India has asked all the banks to install “Note Sorting Machines” in the branches. How will this help banks and the general public? A. The machines will check for counterfeit notes and drop these from circulation.

Detailed explanation-2: -The machines shall perform authenticity check with reference to the features of genuine notes as disclosed by the Reserve Bank of India from time to time on its website. Any note which is not found to be having all the features of a genuine note shall be classified by the machine as suspect/reject.

Detailed explanation-3: -The RBI follows the minimum reserve system, wherein it has to maintain a minimum quantity of gold bullion as reserves to issue currency.

Detailed explanation-4: -The Reserve Bank has introduced banknotes in the Mahatma Gandhi Series since 1996 and has so far issued notes in the denominations of Rs. 5, Rs. 10, Rs. 20, Rs.

Detailed explanation-5: -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.

There is 1 question to complete.