Multiple Choice Questions on Consider the following about the Reserve Bank of India RBI The RBI was established based on the reco........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following about the Reserve Bank of India RBI The RBI was established based on the reco...........

Economic Affairs Types of Banks and Banking
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    Consider the following about the Reserve Bank of India (RBI):

    1. The RBI was established based on the recommendations of the Hilton Young Commission
    2. RBI was nationalized in the year 1955.
    3. The RBI has the sole right to issue banknotes in India.
    4. The "Mint Road" policy refers to RBI's stance on foreign exchange reserves

    How many of the above is/are correct ? 

     

    Only One

    Incorrect Answer

    Only Two 

    Correct Answer

    Only Three

    Incorrect Answer

    All Four

    Incorrect Answer
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    Explanation:

    • Correct. The RBI was established based on the recommendations of the Hilton Young Commission, 

    • Incorrect. The RBI was nationalized in 1949, not in 1955.

    • Correct. The RBI has the exclusive right to issue (or print) the banknotes in the country.

    • Incorrect. The term "Mint Road" typically refers to the location of the RBI headquarters in Mumbai and its policies. However, it does not specifically refer to a policy on foreign exchange reserves.

    By: Arun Rana
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