BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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17
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19
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21
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22
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Detailed explanation-1: -In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India. Section 25 states that the design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board of RBI.
Detailed explanation-2: -(1) The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest.
Detailed explanation-3: -(1) A bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the 1[Central Government] and of carrying on the business of banking in accordance with the provisions of this Act.