ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI
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State Bank of India
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Bank of India
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Central Bank of India
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Detailed explanation-1: -The Reserve Bank is the nation’s sole note issuing authority. Along with the Government of India, we are responsible for the design, production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes.
Detailed explanation-2: -In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India.
Detailed explanation-3: -The Reserve Bank has the sole authority to issue banknotes in India.
Detailed explanation-4: -The RBI issues currency note under the fixed minimum reserve system. RBI is required to maintain reserves of Rs 200 crores which includes Rs 115 crores as gold reserve and the remaining in foreign currency. This is called minimum reserve system.
Detailed explanation-5: -Regulator and supervisor of the financial system: Prescribes broad parameters of banking operations within which the country’s banking and financial system functions. Objective: maintain public confidence in the system, protect depositors’ interest and provide cost-effective banking services to the public.