BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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50
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2
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12
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9
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Detailed explanation-1: -In establishing the Federal Reserve System, the United States was divided geographically into 12 Districts, each with a separately incorporated Reserve Bank.
Detailed explanation-2: -The 12 Federal Reserve Banks and their 24 Branches are the operating arms of the Federal Reserve System. Each Reserve Bank operates within its own particular geographic area, or district, of the United States.
Detailed explanation-3: -Federal Reserve Banks: The nation is divided into 12 Federal Reserve districts, each has its own Fed district bank. Each of the 12 district banks is set up as a corporation owned by its member banks.
Detailed explanation-4: -The Fed’s structure was established in the Federal Reserve Act of 1913. As shown in the map below, the System has 12 regional banks that are named after the city in which the bank’s head office is located. The banks are overseen by the Fed’s Board of Governors in Washington, D.C.
Detailed explanation-5: -On April 2, 1914, the Reserve Bank Organization Committee announced its decision, and twelve Federal Reserve banks were established to cover various districts throughout the country.