Discussion
Which of the following is a function of Reserve Bank of India?
I. It issues the currency of the country.
II. It is the custodian of the foreign exchange reserve of the economy.
Answer: C
The Reserve Bank of India is the central bank of the country and has the sole right to issue currency notes (apart from one rupee notes and coins, which the Government issues), so statement I is correct. It also acts as the custodian of the country's foreign exchange reserves and manages them, so statement II is correct. Both functions belong to the Reserve Bank, and the answer is Both I and II, option (C).
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