Which of the following banks has opened the countrys first Cash Factory in Lucknow which will issue currency notes to all its branches and ATM in the area? (Andhara Bank 2009)

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following banks has opened the country’s first “Cash Factory” in Lucknow which will issue currency notes to all its branches and ATM in the area? (Andhara Bank 2009)

A	Bank of India
B	Bank of Baroda
C	State Bank of India
D	Union Bank of India

Explanation:

Detailed explanation-1: -LUCKNOW: India’s largest lender State Bank of India (SBI) on Wednesday launched its first Currency Administration Branch (CAB), an exclusive branch to handle currency notes, here.

Detailed explanation-2: -The Reserve Bank has the sole authority to issue banknotes in India. Reserve Bank, like other central banks the world over, changes the design of banknotes from time to time.

Detailed explanation-3: -The Reserve Bank is the nation’s sole note issuing authority.

Detailed explanation-4: -In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India.

Detailed explanation-5: -The Reserve Bank of India (RBI) prints and manages currency in India, whereas the Indian government regulates what denominations to circulate. The Indian government is solely responsible for minting coins. The RBI is permitted to print currency up to 10, 000 rupee notes.

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