Question
Discuss in detail salient features of Reserve Bank of India, Act, 1934
Answer :
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Skip in 10
The Reserve Bank of India Act, 1934 is the principal legislation that established the Reserve Bank of India as the central banking institution of the country. The Act came into force on 1 April 1935 with the basic objective of regulating the issue of bank notes, maintaining monetary stability and operating the currency and credit system in the interest of the nation. It provides the legal framework within which the Reserve Bank performs its functions and exercises control over the banking system, including cooperative banks. One of the most important features of the Act is the constitution and incorporation of the Reserve Bank of India. The Act declares the RBI as a body corporate having perpetual succession and a common seal. It lays down the organizational structure of the Bank consisting of a Central Board of Directors, a Governor and
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