Banking Laws RBI Act and Br Act
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One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
In which year was the Reserve Bank of India established?
The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934.
In which year was the Banking Regulation Act enacted?
The Banking Regulation Act was enacted in 1949.
Under which Act is the Reserve Bank of India currently governed?
The RBI is governed by the Reserve Bank of India Act, 1934, which provides the statutory framework for its functions and powers.
What is the full form of RBI?
RBI stands for Reserve Bank of India.
What is the primary objective of the Reserve Bank of India as per the RBI Act?
The primary objective is to regulate the issue of bank notes, maintain reserves to secure monetary stability, and operate the currency and credit system to the advantage of the country.
When was the Reserve Bank of India nationalised?
RBI was nationalised on 1st January 1949.
Who appoints the Governor of the Reserve Bank of India?
The Governor of the RBI is appointed by the Central Government (Union Government) under Section 8 of the RBI Act, 1934.
Where is the headquarters of the Reserve Bank of India located?
RBI headquarters is located in Mumbai.
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