GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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State Bank of India
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Reserve Bank of India
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Punab National bank
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Central Bank of India
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Detailed explanation-1: -In India, Reserve Bank Of India or RBI is known as the banker’s bank. It is so called because it acts as a bank for all the commercial banks in India.
Detailed explanation-2: -RBI is bank of all banks in India. As a banker of banks, RBI enables smooth and swift clearing and settlements of inter-bank transactions. Provides efficient means of fund transfer for all banks.
Detailed explanation-3: -The Reserve bank of India established in 1935 is the Bank of Banks as it is India’s Central bank under the Ministry of Finance. It is responsible for the regulation of the banking system in India and the issue and supply of the national currency. It was set up in accordance with the Reserve Bank of India Act, 1934.
Detailed explanation-4: -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.