CURRENT AFFAIRS

Detailed explanation-1: -Q. The Reserve Bank of India is recognised as the apex bank in India and its other neighbouring countries. Q.

Detailed explanation-2: -The central bank is the apex institution of the monetary and banking structure of our economy, regulating the entire banking system.

Detailed explanation-3: -Central bank is an apex bank that controls the entire banking system of a country. It is the sole agency of note issuing and controls the supply of money in the economy. It serves as the banker of the government and manages foreign exchange of the government.

Detailed explanation-4: -The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935.