BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which is not related to banking in India
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Currency issued by RBI is inconvertible
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All notes except one rupee is issued by RBI
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Legal tender money is also called Fiat money because it serves as money by the order of RBI
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Putting all currency notes and coins into circulation, is done by RBI
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Explanation:
Detailed explanation-1: -That means, the government declares fiat money to be legal tender, which requires all people and firms within the country to accept it as a means of payment. For example: A 10 Rupee note in India issued by RBI & is signed by the Governer of RBI & is guaranteed by RBI.
Detailed explanation-2: -Cheques are not legal tenders since they can be refused as a mode of payment settlement by a party.
Detailed explanation-3: -The pilot in retail segment, known as digital Rupee-Retail (e₹-R), was launched on December 01, 2022, within a closed user group (CUG) comprising participating customers and merchants.
There is 1 question to complete.