BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Finance Commission
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RBI
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Ministry of Finance
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Planning Commission
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Detailed explanation-1: -In India, Ministry of Finance formulates the fiscal policy. Hence, the correct option is (B)
Detailed explanation-2: -Who prepares fiscal policy in India? Ministry of Finance formulates the fiscal policy.
Detailed explanation-3: -Fiscal Policy is formulated by the Finance Ministry in India. Hence, Option 3 is correct. The Ministry comprises of the five Departments namely: Department of Economic Affairs.
Detailed explanation-4: -Under the Reserve Bank of India, Act, 1934 (RBI Act, 1934) (as amended in 2016), RBI is entrusted with the responsibility of conducting monetary policy in India with the primary objective of maintaining price stability while keeping in mind the objective of growth.
Detailed explanation-5: -In India, the Finance Ministry is in charge of drafting and developing the fiscal policy.