Discussion
Reserve Bank of India is
Answer: B
Correct answer: a body corporate having perpetual secession and a common seal
The Reserve Bank of India was constituted under the Reserve Bank of India Act, 1934 as a body corporate having perpetual succession and a common seal, with power to acquire and hold property and to sue and be sued in its own name.
That statutory personality matters: although the RBI was nationalised in 1949 and its capital is held by the Central Government, it is not a department or extension wing of the Ministry of Finance. It is neither owned by the Indian Banks' Association nor a private company, whatever its shareholding once was.
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