BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to form guidelines for opening of Private Sector Banks
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to consider merging of all cooperative banks
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to assess the functioning of the Indian Monetary system
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None of the above
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Detailed explanation-1: -The Sukhamoy Chakravarty Committee was formed in December 1982 under the chairmanship of Prof. Sukhamoy Chakroborty to assess the functioning of the Indian Monetary system. Its goal was to improve monetary regulation, a feat that was hoped would enable price stability.
Detailed explanation-2: -Chakravarty Committee was set up to review the working of monetary system. Its recommendations had far reaching consequences. By mid-1985, the statutory preemption on banks’ resources in the form of the Statutory Liquidity Ratio (SLR) and the Cash Reserve Ratio (CRR) exceeded 45%. 182 day TB introduced.
Detailed explanation-3: -The Monetary Policy Committee The MPC determines the policy repo rate required to achieve the inflation target. The MPC is required to meet at least four times in a year. The quorum for the meeting of the MPC is four members.