BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Under which Section of the Reserve Bank of India Act, the Reserve Bank has the sole right of note issue?
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20
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22
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25
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28
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Explanation:
Detailed explanation-1: -(1) Save as hereinafter provided, no company shall carry on banking business in India unless it holds a licence issued in that behalf by the Reserve Bank and any such licence may be issued subject to such conditions as the Reserve Bank may think fit to impose.]
Detailed explanation-2: -Further, as per Section 21 of the said Act, RBI has the right to transact Government business of the Union in India. State Government transactions are carried out by RBI in terms of the agreement entered into with the State Governments in terms of section 21 A of the Act.
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