GENERAL KNOWLEDGE

Detailed explanation-1: -The key amendments to the RBI Act 1934 are as follows: Limit of net owned funds enhanced to Rs. 100 crores from the existing limit of Rs. 2 crores. Different amounts of net owned funds may be notified for different categories of NBFCs [Amendment to section 45-IA];

Detailed explanation-2: -The Reserve Bank is India’s central bank. It began operations in 1935-a year after the establishment of the Reserve Bank of India Act of 1934. The RBI is responsible for regulating currency, securing monetary stability, maintaining currency reserves, and overseeing India’s credit and currency system.