CURRENT AFFAIRS

Detailed explanation-1: -Special Task Force led by SS Mundra formed to recalibrate ATMs. The Reserve Bank of India (RBI) has formed Special Task Force to speed up the process of recalibration of automated teller machines (ATM) to dispense the new denomination notes.

Detailed explanation-2: -Sudarshan Sen Committee was in the news recently.

Detailed explanation-3: -The Department of Currency Management has the responsibility of administering the functions of currency management, a core function of the Reserve Bank in terms of the Reserve Bank of India Act, 1934. Currency management essentially relates to issue of notes and coins and retrieval of unfit notes from circulation.

Detailed explanation-4: -ISSUER OF CURRENCY The Reserve Bank is the nation’s sole note issuing authority. Along with the Government of India, we are responsible for the design, production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes.

Detailed explanation-5: -From ensuring stability of interest rates and exchange rates to providing adequate liquidity for productive sectors and ensuring adequate supply of currency, the Reserve Bank of India also monitors flow of credit to desired sectors and ensures orderly development of financial markets and institutions.