Question

The Reserve Bank of India comes under the purview of which of the following Acts?

• A. Reserve Bank of India Act, 1934
• B. Banking Regulation Act, 1949
• C. Payment and Settlement Systems Act, 2007
• D. All of the above

Answer 1

Answer: (D)

All of the above

The Reserve Bank of India is India's central banking institution, which controls the issuance and supply of the Indian rupee. Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India.

The Central Office of the RBI was established in Calcutta (now Kolkata) but was moved to Bombay (now Mumbai) in 1937. The RBI also acted as Burma's (now Myanmar) central bank until April 1947 (except during the years of Japanese occupation (1942–45), even though Burma seceded from the Indian Union in 1937.