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Questions and Answers
When did the Reserve Bank of India commence its operations?
When did the Reserve Bank of India commence its operations?
- 1st January, 1949
- 1st January, 1934
- 1st April, 1935 (correct)
- 11th January, 1949
Which entity is at the apex of the banking system in India?
Which entity is at the apex of the banking system in India?
- Co-operative banks
- Reserve Bank of India (correct)
- Commercial banks
- Regulated financial intermediaries
What is the statutory basis of the functions of the Reserve Bank of India?
What is the statutory basis of the functions of the Reserve Bank of India?
- Hilton Young Commission
- RBI Act of 1934 (correct)
- Nationalization in 1949
- Recommendations of the Hilton Young Commission
What do trade bills refer to in the money market?
What do trade bills refer to in the money market?
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When was the Reserve Bank of India nationalized?
When was the Reserve Bank of India nationalized?
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Study Notes
Reserve Bank of India
- The Reserve Bank of India commenced its operations on April 1, 1935.
- The Reserve Bank of India is at the apex of the banking system in India.
Statutory Basis
- The statutory basis of the functions of the Reserve Bank of India is the Reserve Bank of India Act, 1934.
Money Market
- Trade bills refer to bills of exchange and promissory notes that are used to finance trade transactions in the money market.
Nationalization
- The Reserve Bank of India was nationalized on January 1, 1949.
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