Answer» Correct Answer - Option 3 : Reserve Bank of India
The correct answer is Reserve Bank of India. - In India, the monetary policy is controlled by the Reserve Bank of India.
- The Reserve Bank of India (RBI) is India's central bank.
- RBI was established on 1st April 1935.
- Headquarters of the RBI is located at Mumbai, Maharashtra.
- RBI was set up on the recommendation of the Hilton Young Commission.
- Reserve Bank of India act was passed in 1934.
- RBI is also called as "Banker's Bank".
- RBI was nationalised on 1st January 1949.
- Reserve Bank of India issues all the currency notes above one rupee.
- Sir Osborne Smith served as the first governor of RBI.
- C. D. Deshmukh served as the first Indian governor of RBI.
- Shaktikanta Das is the 25th governor(Incumbent) of the Reserve Bank of India.
- Important functions of the Reserve Bank of India are:
- Monetary policy.
- Regulation and supervision of the banking and non-banking financial institutions, including credit information companies.
- Regulation of money, forex and government securities markets as also certain financial derivatives.
- Debt and cash management for Central and State Governments.
- Management of foreign exchange reserves.
- Foreign exchange management: current and capital account management.
- Banker to the Central and State Governments.
- Oversight of the payment and settlement systems.
- Currency management.
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