Indian Economy GK Questions for SSC Exams

The Central Office of the Reserve Bank was initially established in Kolkata which was permanently shifted to Mumbai in 1937. The Central Office is the office where the Governor sits and where policies are formulated.

The correct answer is Lending money to public. Lending money to public is not the function of RBI. Reserve Bank of India is the central bank and regulatory body of India under the jurisdiction of Ministry of Finance, Government of India. It is responsible for the issue and supply of Indian Rupees and regulation of Indian banking system.

RBI issues currency and exchanges it. You must be knowing that these notes have the signature of RBI Governor. Although 1 rupee note is the smallest in the entire Indian currency, it does not have the signature of RBI Governor. Actually, RBI does not issue one rupee note.2

The unit of SDR is XDR. These rights were created in 1969. There are only five currencies in the world which are linked to SDR and those currencies are Chinese Yuan, Japanese Yen, US Dollar, Euro and Pound Sterling.

The Sixth Five Year Plan marked the beginning of economic liberalisation. Price controls were abolished and ration shops were closed. This led to a rise in food prices and an increase in the cost of living.

The full form of NEFT is National Electronic Funds Transfer. Reserve Bank of India (RBI) introduced this system of fund transfer in 2005.

Dadabhai Naoroji was the first Indian to estimate the national income of the country. 2. The National Income Committee established in 1949 in India after independence was headed by Professor V.

He said that the government had allowed the rupee to be fully convertible in the current account in 1994. Since then, the rupee is being made convertible in the capital account also. At present, the Indian currency is convertible only in the current account.

The central office of the Reserve Bank was initially established in Kolkata which was permanently shifted to Mumbai in 1937. The central office is the office where the governor sits and where policies are formulated.

The Government Banking Division of the Reserve Bank of India and the network of branches of agency banks appointed under Section 45 of the Reserve Bank of India Act deal with government transactions.