BANKING AFFAIRS

Detailed explanation-1: -In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India.

Detailed explanation-2: -Reserve bank of India has the sole right to issue currency notes of various denominations except one rupee notes under Section 22 of Reserve bank of India Act. The one rupee note and coins are issued by ministry of finance and it bears the signature of Finance Secretary.

Detailed explanation-3: -Under Section 22 of the Reserve Bank of India Act, RBI has sole right to issue currency notes of various denominations except one rupee note. The One Rupee note is issued by the Ministry of Finance and it bears the signatures of the Finance Secretary, while other notes bear the signature of Governor RBI.

Detailed explanation-4: -The Reserve Bank is the nation’s sole note issuing authority. Along with the Government of India, we are responsible for the design, production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes.

Detailed explanation-5: -The Reserve Bank of India will soon put into circulation currency notes in one rupee denomination. The notes have been printed by the Government of India.