Banking & Financial Awareness GK Questions with Answers – Page 21

New Bank of India, one of the six banks nationalised in 1980, ran into heavy losses and was amalgamated with Punjab National Bank in 1993.

The Reserve Bank of India began as a shareholders' institution in 1935 and was taken into full government ownership from 1 January 1949 under the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.

On 15 April 1980 six private banks whose deposits were two hundred crore rupees or more were nationalised: Andhra Bank, Corporation Bank, New Bank of India, Oriental Bank of Commerce, Punjab and Sind Bank, and Vijaya Bank.

On 19 July 1969 the government promulgated an ordinance nationalising fourteen major commercial banks, each of which held deposits of fifty crore rupees or more.

SIDBI was set up under the Small Industries Development Bank of India Act, 1989 and began operations in 1990 as the principal financial institution for the promotion, financing and development of micro, small and medium enterprises.

The All India Rural Credit Survey Committee found that rural credit needed a bank with a nationwide branch network, so Parliament passed the State Bank of India Act, 1955, and the Imperial Bank of India was taken over and renamed the State Bank of India with effect from 1 July…

The Reserve Bank opened at Calcutta in 1935 and moved its central office permanently to Bombay two years later, which is where the Governor sits and where policy is announced.

It makes the Reserve Bank the designated authority for the regulation and supervision of payment systems in India, so that no person may operate a payment system without its authorisation.

Since 1957 India has followed the Minimum Reserve System of note issue, under which the Reserve Bank must keep assets worth at least two hundred crore rupees against the notes in circulation, of which gold must be worth at least one hundred and fifteen crore rupees and the remainder may…

It is the classic central bank function: when a bank is solvent but short of cash and neither the market nor other banks will lend to it, the Reserve Bank lends against eligible securities so that a local shortage does not turn into a general panic and a run on…

The Committee was created by the amendment of the Reserve Bank of India Act in 2016.

The one rupee note is issued by the Government of India through the Ministry of Finance and carries the signature of the Finance Secretary, not of the Governor.

He was the first Governor of the Reserve Bank, taking charge when the Bank opened in 1935, and he had earlier been a managing governor of the Imperial Bank of India.

Formally the Royal Commission on Indian Currency and Finance, it reported in 1926 and recommended that the currency and credit functions then divided between the Government and the Imperial Bank be placed in a single central bank.

The Reserve Bank of India Act was passed in 1934 and the Bank began work on the first day of April in the following year, with its central office at Calcutta.

Policy rates are announced by the Reserve Bank, and since 2016 the decision is taken by its Monetary Policy Committee of six members under the chairmanship of the Governor.

The Reserve Bank of India Act, 1934 is the statute that created the Bank and it carries the provisions on the custody and deployment of the country's foreign exchange reserves, which the Bank holds and invests.

The Reserve Bank of India began as a shareholders' bank and was taken into public ownership on 1 January 1949 under the Reserve Bank (Transfer to Public Ownership) Act, 1948.

The Banking Ombudsman is a senior officer appointed by the Reserve Bank of India to hear and settle customer complaints about deficiency in banking service.

ATM stands for Automated Teller Machine. A teller is the bank employee who takes and pays out cash at the counter, and the machine was built to do that same job without a person, which is how it got the name.