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Q. The working and activity of NBFCs are registered by the Reserve Bank of India within the framework of the –

1) Reserve Bank of India Act, 1934 (Chapter 10-12)
2) Banking Regulation Act, 1949
3) Companies Act, 1956
4) Banking Companies Act, 1970 (Chapter No. 4)

3) Companies Act, 1956

Which among the following function of RBI gives most clear indication that it is Bankers’ Bank in India?

[A] Issuance of Currency
[B] Ways & means advances
[C] Liquidity Adjustment Facility
[D] Maintenance of Currency Chests

Correct Answer: C [Liquidity Adjustment Facility] Explanation:
Issuance of currency makes RBI the sole agent of the government to issue currency notes, Ways and means advances are advances to the state and central government, Maintenance of currency chests comes under currency management, Collection of credit information is related to regulation of borrowers, Liquidity adjustment facility is the most appropriate option which gives an indication of RBI working as bankers` Bank.

In context with banking in India, March 16, 1949 is a date which marks:

[A] Establishment of RBI
[B] Nationalization of RBI
[C] Banking Regulation act coming in Force
[D] Nationalization of Banks

Correct Answer: C [Banking Regulation act coming in Force]
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