BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bank Rate
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CRR
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SCR
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PLR
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Detailed explanation-1: -Out of the given options, fixed deposit rate is not decided by RBI.
Detailed explanation-2: -Reserve Bank of India is the central bank of India. Hence, the bank rate is determined by RBI. Bank rate is the rate of interest which is charged by the central bank on its advances given to commercial banks.
Detailed explanation-3: -Q. Which of the following banks is not regulated by Reserve Bank of India? State Bank of Sikkim is not regulated by Reserve Bank of India unlike other banks in India. State Bank of Sikkim is a state-owned banking institution headquartered at Gangtok, Sikkim, India.
Detailed explanation-4: -The Bank Rate acts as the penal rate charged on banks for shortfalls in meeting their reserve requirements (cash reserve ratio and statutory liquidity ratio). The Bank Rate is published under Section 49 of the RBI Act, 1934.
Detailed explanation-5: -The rate of interest charged by RBI while they repurchase the securities is called Repo Rate. The current Repo Rate as fixed by the RBI is 5.90%. The latest revision in the rates was made to mitigate the economic risks keeping the deteriorating economic situation in view.