2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Section 35-BE (1)
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Section 54-EE (1)
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Section 42-AE (1)
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Section 45-IE (1)
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Detailed explanation-1: -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.
Detailed explanation-2: -Citing governance concerns and defaults by the two NBFCs in meeting their various payment obligations, the RBI on Monday superseded their boards and appointed Rajneesh Sharma, former chief general manager of Bank of Baroda, as the administrator of the companies.
Detailed explanation-3: -2) Shri Rajneesh Sharma, Ex - Chief General Manager, Bank of Baroda has been appointed as the Administrator of SIFL and SEFL under Section 45-IE (2) of the RBI Act.
Detailed explanation-4: -The Board is constituted by co-opting four Directors from the Central Board as Members and is chaired by the Governor. The Deputy Governors of the Reserve Bank are ex-officio members. One Deputy Governor, traditionally, the Deputy Governor in charge of supervision, is nominated as the Vice-Chairman of the Board.