BANKING AFFAIRS

Detailed explanation-1: -The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935.

Detailed explanation-2: -On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (September 30, 2022) decided to: Increase the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.90 per cent with immediate effect.

Detailed explanation-3: -The Monetary Policy Committee (MPC) met on 5th, 6th and 7th December 2022. Based on an assessment of the macroeconomic situation and its outlook, the MPC decided by a majority of 5 members out of 6 to increase the policy repo rate by 35 basis points to 6.25 per cent, with immediate effect.

Detailed explanation-4: -Rupees Five-First Note issued by Reserve Bank of India This was followed by Rs 10 in February, Rs 100 in March and Rs 1, 000 and Rs 10, 000 in June 1938.

Detailed explanation-5: -India pre 1991 was considered as a regulatory state. The change was in the role of markets, public private partnership, withdrawal of state as the dominant employer. The 1991 liberalization enhanced the role of RBI and burdened it further, though positively.