Question
Discuss in detail salient features of Reserve Bank of India, Act, 1934
Answer :
Word Count : 525
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Skip in 10
The Reserve Bank of India Act, 1934, is a landmark legislation that provides the statutory framework for the establishment, management, and functioning of the Reserve Bank of India (RBI), which is the central bank of the country. One of the primary features of the Act is that it establishes the RBI as the sole authority responsible for regulating the issue of banknotes, maintaining monetary stability, and acting as a banker to the government and commercial banks. The Act was enacted to provide a robust institutional structure for managing India’s currency, credit, and financial stability, ensuring economic growth and financial discipline. The Act lays down the objectives and functions of the RBI in detail. It vests the RBI with the exclusive right to issue currency notes in India, except for the one-rupee note and coins issued by the Government of India. This provision ensures uniformity and control over the currency system. The RBI is also entrusted with the power to regulate the credit and banking system, including controlling interest
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