Important Questions Based on RBI

Jun 13 • Bank, Banking Awareness Notes • 700 Views •

• When was the RBI established?

Ans:- April 1,1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

•    When was RBI nationalised?

Ans:- January 1, 1949.

• Who Governs The Reserves Bank’s affairs ?

Ans:- Central Board of Directors

• How many members in Central Board Of Directors?

Ans:- 21-Members

•  Official Directors

Full-time : Governor and 4  Deputy Governors

• Non-Official Directors
    Nominated by Government: 10 Directors from various fields and 2 government Official
   Others: four Directors – one each from four local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi.

 

• Who is the Governor of RBI?

Ans:-  Dr. Raghuram Rajan.

• Who are the Deputy Governors of RBI?

Ans:- 1. Shri Harun R. Khan 2. Dr. Urjit R. Patel 3. Shri R. Gandhi 4. Shri S. S. Mundra

• What are the  Acts administered by Reserve Bank of India ?

Ans:-

1.  Reserve Bank of India Act, 1934
2. Public Debt Act, 1944/Government Securities Act, 2006
3. Government Securities Regulations, 2007
4. Banking Regulation Act, 1949
5. Foreign Exchange Management Act, 1999
6. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Chapter II)
7. Credit Information Companies(Regulation) Act, 2005
8. Payment and Settlement Systems Act, 2007
9. Factoring Regulation Act, 2011

• What are the main function of RBI?

Ans:- The main functions of RBI are:

• Monetary Authority:

Formulates, implements and monitors the monetary policy.

Objective: maintaining price stability and ensuring adequate flow of credit to productive sectors.

•  Regulator and supervisor of the financial system:

Prescribes broad parameters of banking operations within which the country’s banking and financial system functions.

Objective: maintain public confidence in the system, protect depositors’ interest and provide cost-effective banking services to the public.

• Manager of Foreign Exchange

Manages the Foreign Exchange Management Act, 1999.

Objective: to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.

• Issuer of currency

Issues and exchanges or destroys currency and coins not fit for circulation.

Objective: to give the public adequate quantity of supplies of currency notes and coins and in good quality.

• Developmental role

Performs a wide range of promotional functions to support national objectives.

• Related Functions

Banker to the Government: performs merchant banking function for the central and the state governments;  also acts as their banker.

Banker to banks: maintains banking accounts of all scheduled banks.

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