CURRENT AFFAIRS

Detailed explanation-1: -Under which Act RBI exercised this power of revocation? In exercising its powers under Section 8 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India revoked the Certificate of Authorisation (CoA) of Chennai-based GI Technology Private Limited due to governance concerns.

Detailed explanation-2: -RBI functions to protect the Interest of depositors through an effective regulatory framework. Keeping a keen eye over the conduct of banking operations and solvency of the banks along with maintaining the overall financial stability through various policy measures.

Detailed explanation-3: -The Reserve Bank of India was set up on the basis of the recommendations of the Royal Commission on Indian Currency and Finance also known as the Hilton-Young Commission.

Detailed explanation-4: -The Reserve Bank of India (RBI) is India’s central bank. It controls the monetary policy concerning the national currency, the Indian rupee. The basic functions of the RBI are the issuance of currency, sustaining monetary stability in India, operating the currency, and maintaining the country’s credit system.

Detailed explanation-5: -As per the Reserve Bank of India Act 1934, the following are the primary objectives of the RBI: To govern the issue of bank notes. The central bank maintains reserves intending to secure monetary stability in the country. To run the currency and credit systems of the nation to its benefit.