Current Affairs Exam  >  Current Affairs Questions  >  With reference to the private sector banks, c... Start Learning for Free
With reference to the private sector banks, consider the following statements:
1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.
2. For undertaking government agency business, the RBI pays a commission to banks.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
With reference to the private sector banks, consider the following sta...
The Government has lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.
  • With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for Government business, including Government agency business.
  • Government-related banking transactions include taxes and other revenue payments, pension payments, and small savings schemes.
  • In 2012, the finance ministry had not allowed private banks, barring some, to undertake government business for three years.
  • In 2015, the government had continued with the embargo and allowed the private sector with existing government agency business to continue without any fresh authorisation to private banks.
  • For undertaking government agency business, the RBI pays a commission to banks. The central bank carries out the general banking business of the central and state governments through agency banks appointed under Section 45 of the RBI Act, 1934.
View all questions of this test
Explore Courses for Current Affairs exam

Similar Current Affairs Doubts

Top Courses for Current Affairs

With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
Question Description
With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Solutions for With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Current Affairs. Download more important topics, notes, lectures and mock test series for Current Affairs Exam by signing up for free.
Here you can find the meaning of With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?, a detailed solution for With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice With reference to the private sector banks, consider the following statements:1. Private sector banks are allowed to conduct Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.2. For undertaking government agency business, the RBI pays a commission to banks.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Current Affairs tests.
Explore Courses for Current Affairs exam

Top Courses for Current Affairs

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev