Discussion
What is the full form of "RBI"?
Answer: B
Correct answer: Reserve Bank of India
The Reserve Bank of India is the central bank, established on 1 April 1935 under the Reserve Bank of India Act 1934 and nationalised in 1949.
It issues the currency, conducts monetary policy, regulates and supervises banks, manages the government's accounts and public debt, and administers foreign exchange. Note the spelling: Reserve, not "Reserved" - the name refers to the reserves it holds. It is quite distinct from the State Bank of India, which is a commercial bank it regulates.
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