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Which institution in India is celebrating its 90th year on April 1st, 2024?
- a)World Bank
- b)Reserve Bank of India
- c)International Monetary Fund
- d)Asian Development Bank
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Which institution in India is celebrating its 90th year on April 1st, ...
The Reserve Bank of India (RBI) is celebrating its 90th year on April 1st, 2024, marking its establishment in 1934 to maintain monetary stability and its evolving roles in financial regulation, foreign exchange management, and developmental functions under various Governors, including the current Governor, Shaktikanta Das.
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Which institution in India is celebrating its 90th year on April 1st, ...
Celebration of 90 Years of the Reserve Bank of India
The Reserve Bank of India (RBI) is marking a significant milestone on April 1st, 2024, as it celebrates its 90th anniversary. Established in 1934, the RBI plays a crucial role in the Indian economy.
Key Functions of the RBI
- Monetary Authority: The RBI formulates and implements monetary policy to maintain price stability while ensuring adequate flow of credit to productive sectors.
- Regulator of the Financial System: It regulates and supervises the financial system to protect depositors' interests and promote the stability of the financial system.
- Issuer of Currency: The RBI has the sole authority to issue and manage the currency in India, ensuring sufficient supply of clean and genuine notes.
- Manager of Foreign Exchange: The RBI manages the Foreign Exchange Management Act (FEMA), facilitating external trade and payments.
Historical Significance
- Foundation Year: The RBI was founded on April 1, 1935, under the Reserve Bank of India Act, 1934, in response to economic challenges faced during British rule.
- Evolution: Over the decades, the RBI has evolved to meet the changing needs of the economy, adopting new technologies and enhancing regulatory frameworks.
- Impact on the Economy: The RBI has played a pivotal role in steering India through various economic phases, including liberalization in the 1990s and the recent challenges posed by global economic fluctuations.
Conclusion
The 90th anniversary of the Reserve Bank of India not only highlights its historical significance but also its ongoing commitment to fostering economic stability and growth in India. This celebration is a testament to the RBI's integral role in shaping the nation's financial landscape over the years.
The Reserve Bank of India (RBI) is marking a significant milestone on April 1st, 2024, as it celebrates its 90th anniversary. Established in 1934, the RBI plays a crucial role in the Indian economy.
Key Functions of the RBI
- Monetary Authority: The RBI formulates and implements monetary policy to maintain price stability while ensuring adequate flow of credit to productive sectors.
- Regulator of the Financial System: It regulates and supervises the financial system to protect depositors' interests and promote the stability of the financial system.
- Issuer of Currency: The RBI has the sole authority to issue and manage the currency in India, ensuring sufficient supply of clean and genuine notes.
- Manager of Foreign Exchange: The RBI manages the Foreign Exchange Management Act (FEMA), facilitating external trade and payments.
Historical Significance
- Foundation Year: The RBI was founded on April 1, 1935, under the Reserve Bank of India Act, 1934, in response to economic challenges faced during British rule.
- Evolution: Over the decades, the RBI has evolved to meet the changing needs of the economy, adopting new technologies and enhancing regulatory frameworks.
- Impact on the Economy: The RBI has played a pivotal role in steering India through various economic phases, including liberalization in the 1990s and the recent challenges posed by global economic fluctuations.
Conclusion
The 90th anniversary of the Reserve Bank of India not only highlights its historical significance but also its ongoing commitment to fostering economic stability and growth in India. This celebration is a testament to the RBI's integral role in shaping the nation's financial landscape over the years.
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Which institution in India is celebrating its 90th year on April 1st, 2024?a)World Bankb)Reserve Bank of Indiac)International Monetary Fundd)Asian Development BankCorrect answer is option 'B'. Can you explain this answer?
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Which institution in India is celebrating its 90th year on April 1st, 2024?a)World Bankb)Reserve Bank of Indiac)International Monetary Fundd)Asian Development BankCorrect answer is option 'B'. Can you explain this answer? for Software Development 2025 is part of Software Development preparation. The Question and answers have been prepared according to the Software Development exam syllabus. Information about Which institution in India is celebrating its 90th year on April 1st, 2024?a)World Bankb)Reserve Bank of Indiac)International Monetary Fundd)Asian Development BankCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Software Development 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which institution in India is celebrating its 90th year on April 1st, 2024?a)World Bankb)Reserve Bank of Indiac)International Monetary Fundd)Asian Development BankCorrect answer is option 'B'. Can you explain this answer?.
Which institution in India is celebrating its 90th year on April 1st, 2024?a)World Bankb)Reserve Bank of Indiac)International Monetary Fundd)Asian Development BankCorrect answer is option 'B'. Can you explain this answer? for Software Development 2025 is part of Software Development preparation. The Question and answers have been prepared according to the Software Development exam syllabus. Information about Which institution in India is celebrating its 90th year on April 1st, 2024?a)World Bankb)Reserve Bank of Indiac)International Monetary Fundd)Asian Development BankCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Software Development 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which institution in India is celebrating its 90th year on April 1st, 2024?a)World Bankb)Reserve Bank of Indiac)International Monetary Fundd)Asian Development BankCorrect answer is option 'B'. Can you explain this answer?.
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