CURRENT AFFAIRS

2020

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which Bank obtained RBI’s in-principle Nod to Set up Non-Financial Subsidiary?

A	State Bank of India
B	South Indian Bank
C	Central Bank of India
D	Union Bank of India

Explanation:

Detailed explanation-1: -Private sector lender South Indian Bank (SIB) on Wednesday said the RBI has given an in-principle approval for setting up a wholly owned non-financial subsidiary.

Detailed explanation-2: -South Indian Bank has received in-principle approval from the Reserve Bank of India to set up a wholly-owned non-financial subsidiary.

Detailed explanation-3: -Following are the Fully Owned subsidiaries of RBI: Deposit Insurance and Credit Guarantee Corporation of India (DICGC) Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) Reserve Bank Information Technology Private Limited (ReBIT)

Detailed explanation-4: -The IndusInd Bank has been empanelled by the Reserve Bank of India (RBI) to act as an ‘Agency Bank’. As an Agency Bank, IndusInd becomes eligible to carry out transactions related to all kinds of government-led businesses.

There is 1 question to complete.