1. Consider the following statements regarding the National Payments Corporation of India (NPCI):
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
2. When the cash reserve ratio (CRR) is increased by the RBI, it will:
When RBI increases the CRR, fewer funds are available with banks as they have to keep larger portions of their cash in hand with RBI. Thus hike in CRR leads to an increase of interest rates on loans provided by the Banks. Reduction in CRR sucks money out of the system causing a decrease in the money supply.
3. The Committee on Financial Sector Reforms was headed by:
The Raghuram Rajan Committee on Financial Sector Reforms was a committee constituted by the Government of India in 2007 for proposing the next generation of financial sector reforms in India. An Internal Working Group of the Reserve Bank of India (RBI) has recently recommended that corporate houses be given bank licenses. The Raghuram Rajan committee had said that it is premature to allow industrial houses to own banks.
4. Where is RBI Headquarters in Located?
The RBI i.e. Reserve Bank of India was initially established in Kolkata in 1935. But in the year 1937 RBI was permanently shifted to Mumbai. RBI has more than 31 Regional offices in India.
In which year RBI was established?
The Reserve Bank of India was set up on 1st April, 1935 on the recommendation of Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) establishes the legal framework for the Bank's operations, which began on April 1, 1935.
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