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TOTAL QUESTION: 15
TOTAL TIME= 15 MIN
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Your results are here!! for" Reserve Bank of India (RBI) Act, 1934 "
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Question 1 of 15
1. Question
Under Section 2 of the RBI Act, 1934, where are scheduled banks listed?
Correct
Scheduled banks are banks listed in the 2nd Schedule of the RBI Act, 1934.
Incorrect
Scheduled banks are banks listed in the 2nd Schedule of the RBI Act, 1934.
Unattempted
Scheduled banks are banks listed in the 2nd Schedule of the RBI Act, 1934.
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Question 2 of 15
2. Question
What minimum amount of paid-up capital and reserves is required for a bank to qualify as a scheduled bank according to the provided material?
Correct
According to the provided material, a scheduled bank must have paid-up capital and reserves of at least ₹5 lakh.
Incorrect
According to the provided material, a scheduled bank must have paid-up capital and reserves of at least ₹5 lakh.
Unattempted
According to the provided material, a scheduled bank must have paid-up capital and reserves of at least ₹5 lakh.
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Question 3 of 15
3. Question
Under Section 7 of the RBI Act, 1934, who has the power to issue directives to the RBI in public interest?
Correct
Section 7 grants the central government the power to issue directives to the RBI in public interest.
Incorrect
Section 7 grants the central government the power to issue directives to the RBI in public interest.
Unattempted
Section 7 grants the central government the power to issue directives to the RBI in public interest.
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Question 4 of 15
4. Question
Why has Section 7 of the RBI Act been a subject of debate?
Correct
Section 7 has been debated because it potentially limits the independence or autonomy of the RBI.
Incorrect
Section 7 has been debated because it potentially limits the independence or autonomy of the RBI.
Unattempted
Section 7 has been debated because it potentially limits the independence or autonomy of the RBI.
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Question 5 of 15
5. Question
Which section of the RBI Act, 1934 outlines the business functions of the RBI?
Correct
Section 17 outlines the business functions of the RBI as India‘s central bank.
Incorrect
Section 17 outlines the business functions of the RBI as India‘s central bank.
Unattempted
Section 17 outlines the business functions of the RBI as India‘s central bank.
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Question 6 of 15
6. Question
Under Section 17, from whom can the RBI accept deposits without paying interest?
Correct
The RBI can accept deposits from the central and state governments without paying interest.
Incorrect
The RBI can accept deposits from the central and state governments without paying interest.
Unattempted
The RBI can accept deposits from the central and state governments without paying interest.
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Question 7 of 15
7. Question
Which activity is specifically mentioned as a business function of the RBI under Section 17?
Correct
The RBI can buy and sell foreign exchange from banks under the business functions described in Section 17.
Incorrect
The RBI can buy and sell foreign exchange from banks under the business functions described in Section 17.
Unattempted
The RBI can buy and sell foreign exchange from banks under the business functions described in Section 17.
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Question 8 of 15
8. Question
Which section empowers the RBI to provide emergency loans to banks when required?
Correct
Section 18 empowers the RBI to provide emergency loans to banks when required.
Incorrect
Section 18 empowers the RBI to provide emergency loans to banks when required.
Unattempted
Section 18 empowers the RBI to provide emergency loans to banks when required.
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Question 9 of 15
9. Question
Under Section 21 of the RBI Act, what banking function is the RBI mandated to perform for the central government?
Correct
Section 21 mandates the RBI to manage the banking affairs of the central government and oversee public debt management.
Incorrect
Section 21 mandates the RBI to manage the banking affairs of the central government and oversee public debt management.
Unattempted
Section 21 mandates the RBI to manage the banking affairs of the central government and oversee public debt management.
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Question 10 of 15
10. Question
Which section gives the RBI the exclusive right to issue currency notes in India?
Correct
Section 22 provides the RBI with the exclusive right to issue currency notes in India.
Incorrect
Section 22 provides the RBI with the exclusive right to issue currency notes in India.
Unattempted
Section 22 provides the RBI with the exclusive right to issue currency notes in India.
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Question 11 of 15
11. Question
According to the provided material, what is the maximum denomination of currency notes that the RBI can issue under Section 24?
Correct
The provided material states that Section 24 caps the maximum denomination at ₹10,000.
Incorrect
The provided material states that Section 24 caps the maximum denomination at ₹10,000.
Unattempted
The provided material states that Section 24 caps the maximum denomination at ₹10,000.
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Question 12 of 15
12. Question
Which section of the RBI Act establishes the legal tender status of Indian banknotes?
Correct
Section 26 establishes the legal tender status of Indian banknotes.
Incorrect
Section 26 establishes the legal tender status of Indian banknotes.
Unattempted
Section 26 establishes the legal tender status of Indian banknotes.
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Question 13 of 15
13. Question
Which section empowers the RBI to formulate rules for the exchange of damaged or imperfect notes?
Correct
Section 28 empowers the RBI to formulate rules for exchanging damaged or imperfect notes.
Incorrect
Section 28 empowers the RBI to formulate rules for exchanging damaged or imperfect notes.
Unattempted
Section 28 empowers the RBI to formulate rules for exchanging damaged or imperfect notes.
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Question 14 of 15
14. Question
Under Section 31, who can issue promissory notes payable on demand in India?
Correct
Only the RBI or the central government can issue promissory notes payable on demand in India.
Incorrect
Only the RBI or the central government can issue promissory notes payable on demand in India.
Unattempted
Only the RBI or the central government can issue promissory notes payable on demand in India.
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Question 15 of 15
15. Question
Under Section 42(1), what must every scheduled bank maintain with the RBI?
Correct
Section 42(1) requires every scheduled bank to maintain an average daily balance with the RBI based on a certain percentage of its NDTL.
Incorrect
Section 42(1) requires every scheduled bank to maintain an average daily balance with the RBI based on a certain percentage of its NDTL.
Unattempted
Section 42(1) requires every scheduled bank to maintain an average daily balance with the RBI based on a certain percentage of its NDTL.