BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It allows RBI to buy and sell Foreign currency
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It empowers the government to issue directions to the RBI
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It allows the RBI to appoint its own staff
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None
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Detailed explanation-1: -(1) The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest.
Detailed explanation-2: -(1) No company other than a banking company shall use as part of its name 41 [or in connection with its business] any of the words “bank”, “banker” or “banking” and no company shall carry on the business of banking in India unless it uses as part of its name at least one of such words.
Detailed explanation-3: -(1) A Hindu marriage may be solemnized in accordance with the customary rites and ceremonies of either party thereto. (c) by the tying of the thali.
Detailed explanation-4: -Later Section 7(1) of RBI Act was amended at the time of nationalization in 1949, to empower the Centre to issue directions to central bank in public interest, according to Volume II of History Of The Reserve Bank of India.
Detailed explanation-5: -The Section 7 of the RBI Act empowers the government to give directions to the central bank on matters of public interest.