GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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31
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33
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35
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37
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Detailed explanation-1: -RBI inspection of banks is usually known as ‘RBI section 35 inspection’. The Banking Regulation Act, 1949 (10 of 1949) empowers the RBI to conduct inspection of banks and report to the government. The inspectors are officials deputed from nearby RBI offices.
Detailed explanation-2: -The Banking Regulation Act, 1949 empowers the Reserve Bank of India to inspect and supervise commercial banks.
Detailed explanation-3: -Section 35 of RBI Act: 1934 “Method of dealing with fluctuations in rupee coin assets” Omitted by the Banking Laws (Miscellaneous Provisions) Act, 1963, w.e.f. 1-2-1964. Earlier, it was amended by the Reserve Bank of India (Amendment) Act, 1951, w.e.f. 1-11-1951.
Detailed explanation-4: -Section 36 mentions the powers of RBI. The Reserve Bank may prohibit banking companies from entering into a particular transaction and can advise the banking company. It can also assist the banking company by granting loans or advances under Section 18.