RBI Act and Functions Quiz

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6 Questions

What is the primary function of the Reserve Bank of India (RBI) as the banker to the Central Government?

Undertaking banking business on behalf of various government departments

Which office of the RBI is crucial for the final compilation of Central/State Government accounts?

Central Accounts Section in Nagpur

In what way does RBI act as the Bankers' Bank?

Facilitating the clearing of cheques and interbank transfers

What type of advances does RBI provide to central and state governments to manage short-term mismatches between revenue and expenditure?

Ways and Means Advances (WMA)

Which banks open current accounts with the RBI's Department of Government and Bank Accounts (DAD) to maintain stipulated reserves?

Commercial and state cooperative banks which are scheduled banks

What is the key role of the Reserve Bank of India concerning banking business of state governments?

Undertaking the banking business of state governments

Test your knowledge on the Banking Regulation Act, RBI Act, and the processes of branch set-up, as well as the functions of the Reserve Bank of India (RBI) as the banker to the government. Learn about RBI's role in handling banking business for the government departments and providing temporary advances to central and state governments.

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