Question

Consider the following statements:
1) Reserve Bank of India was nationalised in the year 1955.
2) Reserve Bank of India is a member bank of the Asian Clearing Union.
Which of the statement(s) given above is/are correct?

• A. Only 1
• B. Only 2
• C. Both 1 and 2
• D. Neither 1 nor 2

Answer 1

Answer: (B)

Only 2

RBI was nationalised as per RBI Act, 1948 with effect from 1st January, 1949. Asian Clearing Union is an organisation set up to provide a system for clearing payments among the member countries on a multilateral basis. India, Iran, Pakistan, Bhutan, Bangladesh, Maldives, Myanmar, Nepal, Sri Lanka are its members.