Consider the following statements regarding the Reserve Bank of India Acts as a Banker rsquo s Bank ...........

Economic Affairs Types of Banks and Banking

Consider the following statements regarding the Reserve Bank of India

Which of the above statements are correct?

1, 2, 3, and 4

1 and 4

1 and 3

1, 2 and 3

Only codes 1&3 are correct.

The Reserve Bank of India is the central bank of India.

It is a statutory body and has many important functions.
It was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as:

Some of the functions of the RBI are as follows

Issuer of Currency: Reserve bank of India has the sole right to issue currency notes of various denominations except one rupee notes under Section 22 of Reserve bank of India Act. The one rupee note and coins are issued by ministry of finance and it bears the signature of Finance Secretary.
Banker to the Government
Controller of the Credit
Custodian of Foreign Reserves
Banker's Bank

to maintain price stability while keeping in mind the objective of growth.
to have a modern monetary policy framework to meet the challenge of an increasingly complex economy
to maintain price stability while keeping in mind the objective of growth.

Hence option 3rd is correct.