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Consider the following statements and identify the right ones.
i. RBI acts as clearing house for commercial banks.
ii. It also grants license for setting up banking operations
i. RBI acts as clearing house for commercial banks.
ii. It also grants license for setting up banking operations
- a)I only
- b)ii only
- c)both
- d)none
Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements and identify the right ones.i. RBI a...
RBI is also responsible for regulating banks, directs their credit policies and provides advice to them.
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Consider the following statements and identify the right ones.i. RBI a...
RBI's FunctionsThe Reserve Bank of India (RBI) is India's central bank and is responsible for regulating the country's monetary policy and currency supply. It performs a variety of functions, including acting as a banker to the government, managing foreign exchange reserves, and regulating the country's banking system.Clearing House for Commercial BanksOne of the RBI's functions is to act as a clearing house for commercial banks. This means that it facilitates the exchange of funds between banks by clearing and settling transactions. The RBI also oversees the clearing and settlement systems used by banks to ensure that they operate efficiently and effectively.Granting Banking LicensesAnother important function of the RBI is to grant banking licenses to companies that wish to set up banking operations in India. The RBI is responsible for ensuring that banks operate in a safe and sound manner and meet certain regulatory requirements. Therefore, it carefully evaluates applications for banking licenses to ensure that only companies that meet its strict criteria are allowed to operate in the country.ConclusionIn conclusion, both statements are correct. The RBI acts as a clearing house for commercial banks and also grants licenses for setting up banking operations in India.
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Consider the following statements and identify the right ones.i. RBI acts as clearing house for commercial banks.ii. It also grants license for setting up banking operationsa)I onlyb)ii onlyc)bothd)noneCorrect answer is option 'C'. Can you explain this answer?
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