ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -On February 25, 1863, President Lincoln signed The National Currency Act into law. The Act established the Office of the Comptroller of the Currency (OCC), charged with responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency.

Detailed explanation-2: -The second relevant fact that enforced the dual banking system was the two national banking acts in 1863 and in 186421, The National Bank Acts were two United States federal laws that established a system of national charters for banks, the United States national banks22.

Detailed explanation-3: -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. * To operate the credit and currency system of the country to its advantage.

Detailed explanation-4: -The National Banking Acts of 1863 and 1864 marked an important moment in the development of the U.S. banking system. Congress passed these bills as a wartime expedient to (i) help finance the war effort by increasing the demand for federal government debt and (ii) promote a stable uniform currency.