What is RBI [Reserve Bank of India], when it is established and what are its functions?
Ans: RBI established in 1935 and Nationalized in 1949 and its head office in Mumbai. Present Governor of RBI “ Raghuram Rajan”.
Its functions:
1. Issues currency notes
2. Acts as bankers bank
3. Maintains foreign exchange reserves
4. Maintains CRR and SLR
Note: RBI is also called as "bankers bank", because all banks will have a/c's with RBI. It provides funds to all banks hence it is called as BANKERS BANK.
Ans: RBI established in 1935 and Nationalized in 1949 and its head office in Mumbai. Present Governor of RBI “ Raghuram Rajan”.
Its functions:
1. Issues currency notes
2. Acts as bankers bank
3. Maintains foreign exchange reserves
4. Maintains CRR and SLR
Note: RBI is also called as "bankers bank", because all banks will have a/c's with RBI. It provides funds to all banks hence it is called as BANKERS BANK.
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