Indian Economy GK Questions with Answers – Page 57

A revenue receipt is money the government gets without creating a liability for itself or selling off an asset; tax collections such as GST, income tax and excise, and non-tax income such as interest, dividends and fees, all fall in this class.

The Statutory Liquidity Ratio, or SLR, is the share of a bank's net demand and time liabilities, that is, all its demand deposits and term deposits taken together, that it must hold in liquid assets such as cash, gold or approved government securities.

The National Bank for Agriculture and Rural Development was set up on 12 July 1982 by an Act of Parliament, on the recommendation of the Sivaraman Committee (CRAFICARD), as the apex body for rural and farm credit.

The Reserve Bank of India measures money supply in four grades, M1 to M4, in decreasing order of liquidity. M1 is currency with the public plus demand deposits of banks plus other deposits with the RBI, and M2 is M1 plus savings deposits with post offices.

Stagflation is a blend of the words stagnation and inflation: output stops growing, unemployment rises, and yet prices keep climbing.

Open market operations, or OMO, are the buying and selling of government securities by the central bank in the open market to control the money supply.

The Reserve Bank of India started working on 1 April 1935 under the Reserve Bank of India Act, 1934, following the recommendation of the Hilton Young Commission of 1926.