GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI
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Rural Bank
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Commercial Bank
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Cooperative Bank
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Detailed explanation-1: -PACS are outside the purview of the Banking Regulation Act, 1949 and hence not regulated by the Reserve Bank of India. StCBs/DCCBs are registered under the provisions of State Cooperative Societies Act of the State concerned and are regulated by the Reserve Bank.
Detailed explanation-2: -A: No, a normal individual cannot open an account with the Reserve Bank of India (RBI), only Banks can open an account with the RBI. RBI is not exactly a “Merchant Bank” or a “Savings Bank” it is a Central Bank which regulates the Banking Industry and controls monetary policy by fixing interest rates.
Detailed explanation-3: -Why can’t I open a bank account? A bank can deny your request to open an account because of past accounts that were closed due to negative balances, a history of overdrafts or problems verifying your identity.