CURRENT AFFAIRS

Detailed explanation-1: -The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.

Detailed explanation-2: -Bank of China operates financial market business mainly via its five major trading centers in Beijing, Shanghai, Hong Kong, London and New York.

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.