ECONOMICS
MONETARY POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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member bank
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federal bank
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state bank
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both a federal and state bank
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Detailed explanation-1: -The Federal Reserve System is not “owned” by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation’s central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
Detailed explanation-2: -Establishment. The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
Detailed explanation-3: -Nonmember banks are financial institutions that are not members of the Federal Reserve System. They can be community banks, credit unions, or industrial banks. National banks are required to join the Fed, while state banks can join if they meet certain requirements.
Detailed explanation-4: -01-Boston. 02-New York. 03-Philadelphia. 04-Cleveland. 05-Richmond. 06-Atlanta. 07-Chicago. 08-St. Louis. More items •24-Aug-2022