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RBI Act and Branch Setup Process Quiz
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RBI Act and Branch Setup Process Quiz

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Questions and Answers

What is the legal tender status of banknotes issued by RBI?

  • They are legal tender only in designated areas
  • They are not legal tender
  • They are guaranteed by Central Government and legal tender (correct)
  • They are guaranteed by RBI and legal tender

    • Where does the distribution of currency take place according to the text?

  • Through SBI, PSBs, private banks, and government treasuries (correct)
  • Through RBI currency chests established in all cities
  • Only through RBI branches
  • Exclusively through private banks

    • According to Section 24, what denominations of banknotes can RBI issue?

  • Denominations as specified by GoI, but not exceeding ₹ 5000
  • Denominations of ₹ 1,000, ₹ 10,000, and ₹ 20,000
  • Denominations of ₹ 50, ₹ 100, and ₹ 200
  • Denominations specified by GoI, but not exceeding ₹ 10,000 (correct)

    • What is the responsibility of RBI regarding issuance of coins and notes?

    <p>RBI issues coins and notes to the public on demand and maintains the quality of the notes</p> Signup and view all the answers

    What is the purpose of a Currency Chest established by RBI in commercial banks?

    <p>To store notes and coins on behalf of RBI</p> Signup and view all the answers

    Under which section does RBI frame rules for refunding value of mutilated or imperfect notes?

    <p>Section 28</p> Signup and view all the answers

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