BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which section of RBI is not correctly matched?
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Section 26-describes the legal tender character of Indian bank notes.
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Section 18-manner in which RBI can conduct business
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Both A and B
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None
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Explanation:
Detailed explanation-1: -Section 18 of RBI Act 1934 : “Power of direct discount" (c) any other person, repayable on demand or on the expiry of fixed periods, not exceeding ninety days, on such terms and conditions as the Bank may consider to be sufficient. (2) [Omitted by the Reserve Bank of India (Amendment) Act, 1974.]
Detailed explanation-2: -Section 22 in BANKING REGULATION ACT, 1949.
Detailed explanation-3: -Issuing of coins is not a function of the Central Bank.
Detailed explanation-4: -Section 17. Business which the Bank may transact. Section 18. Power of direct discount.
There is 1 question to complete.