Discussion
Who works as RBI's agent at places where it has no office of its own?
Answer: A
Correct answer: State Bank of India
The State Bank of India acts as the Reserve Bank's agent where the RBI has no office of its own, conducting government business - receipts, payments and the handling of currency - on its behalf.
The arrangement is a historical one, and it explains the 1955 nationalisation of the Imperial Bank in the first place: a nationwide branch network was needed to carry the central bank's functions into places the RBI's own small number of offices could not reach. Other public sector banks and some private ones were later designated agency banks as well.
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