2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Reserve Bank of India has appointed which bank as an Agency Bank to conduct government business?
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State Bank of India
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Bank of Baroda
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Federal Bank
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Bandhan Bank
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Explanation:
Detailed explanation-1: -An agent bank, also known as agency bank, can offer a wide variety of services for businesses looking to expand internationally. These banks generally act on behalf of another bank or group of banks, but they can act on behalf of a person or business.
Detailed explanation-2: -The Reserve Bank acts as an adviser to the Government, whenever called upon to do so, on monetary and banking related matters.
Detailed explanation-3: -Any payment bank or small finance bank that intends to undertake Government agency business may be appointed as an agent of RBI upon execution of an agreement with RBI, provided that the overarching regulatory framework prescribed for these banks is complied with.
There is 1 question to complete.