BANKING GENERAL KNOWLEDGE
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2004
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2009
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Detailed explanation-1: -(1) This Act may be called the Banking 1[Regulation] Act, 1949.
Detailed explanation-2: -364 day T-bill was introduced in April 1992, and in July 1997, the 14-day T-bill was also introduced. RBI had suspended the issue of 182-day T-bills from April 1992, and revived their issuance since May 1999.
Detailed explanation-3: -A unified single market-determined exchange rate system based on the demand for and supply of foreign exchange replaced the LERMS effective March 1, 1993. The Reserve Bank’s exchange rate policy focusses on ensuring orderly conditions in the foreign exchange market.
Detailed explanation-4: -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.