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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?

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

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

To store notes and coins on behalf of RBI Signup and view all the answers

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

Section 28 Signup and view all the answers

RBI Act and Branch Setup Process Quiz

Choose a study mode

Podcast

Questions and Answers

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

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

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

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

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

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

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