What are the powers of Reserve Bank of India?
What are the powers of Reserve Bank of India?
Powers of RBI
| S.no | Power | Section |
|---|---|---|
| 1 | Power of direct discount. | 18 |
| 2 | Power to require returns from co-operative banks. | 44 |
| 3 | Power to collect credit information. | 45B |
| 4 | Power to call for returns containing credit information | 45C |
What are the powers of Reserve Bank?
Section 35A – Power of the Reserve Bank to give directions: In the public interest or in the interest of Banking policy RBI has powers to issue, modify or cancel as it deems fit, and the banking companies or the banking company, are bound to comply with such directions.
What is the role of RBI Governor?
The responsibilities of an RBI Governor include: Maintaining monetary stability in economy. Issuing licenses to new foreign and private banks. Regulating the financial system of the nation.
What are powers and functions of bank under Banking Regulation Act?
The main object of the Reserve Bank of India is, as preamble of RBI Act says, to regulate the issue of Bank notes. keeping of reserves with a view to securing monetary stability in India. generally to operate the currency any credit system of the country.
What are the powers of the RBI to control & regulate monetary policy?
The RBI is the main body that controls the monetary policy in India. They control the flow of money into the market through various instruments of monetary policy. This helps the RBI control the inflation and liquidity in the economy.
What are the rights of a bank customer?
It covers five basic rights of customer such as Right to Fair Treatment, Right to Transparency, Fair and Honest Dealing, Right to Suitability, Right to Privacy and Right to Grievance Redress and Compensation. Both the customer and the Bank have a right to be treated with courtesy.
What are the basic functions of the Reserve Bank as per the Preamble of the Reserve Bank of India?
The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as: Regulating the issue of Banknotes. Securing monetary stability in India. Modernising the monetary policy framework to meet economic challenges.
Who is the first Reserve Bank Governor?
Sir Osborne Smith
Shaktikanta Das is the twenty-fifth governor of the Reserve Bank of India from 12 December 2018….List of governors of the Reserve Bank of India.
| Governor of the Reserve Bank of India | |
|---|---|
| Appointer | Government of India |
| Term length | Three years |
| Constituting instrument | Reserve Bank of India Act, 1934 |
| Inaugural holder | Sir Osborne Smith (1935–1937) |
What can a bank not do under the Banking Regulation Act?
Prohibition of charge on unpaid capital. —No banking company shall create any charge upon any unpaid capital of the company, and any such charge shall be invalid..