RBI Act, 1934 – MCQs

The Reserve Bank of India Act was enacted on:

• 1 April 1935

• 6 March 1934

• 1 March 1936

• 15 August 1947

The RBI Act, 1934 was passed on the recommendation of:

• Narasimham Committee

• Hilton Young Committee

• Tarapore Committee

• Chakravarty Committee

Under Section 3 of the RBI Act, the RBI was established as:

• Government department

• Public sector bank

• Body corporate

• Statutory authority under SEBI

Who appoints the Governor and Deputy Governors of the RBI?

• RBI Board

• Parliament

• Central Government

• President of India

The term of office of the Governor and Deputy Governors of RBI is:

• 3 years

• 4 years

• 5 years

• No fixed term

The maximum denomination of a note that can be issued under Section 24 is:

• ₹1,000

• ₹2,000

• ₹5,000

• ₹10,000

The RBI has the exclusive right to issue banknotes under:

• Section 22

• Section 17

• Section 26

• Section 42

Which section deals with Cash Reserve Ratio (CRR)?

• Section 42

• Section 17

• Section 45-I

• Section 20

The RBI can regulate NBFCs under which section?

• Section 17

• Section 45-I to 45-Z

• Section 22

• Section 26

The Monetary Policy Committee (MPC) was constituted under which section?

• Section 45ZB

• Section 42

• Section 17

• Section 21