UPSC Prelims Practice Questions — The RBI and its growing fiscal role

Question 1

The statutory provision under which the Reserve Bank of India transfers the balance of its profits, after making provisions, to the Government of India is contained in—

Accepted Answer

Section 47 of the Reserve Bank of India Act, 1934

Answer

Section 17 of the Reserve Bank of India Act, 1934

Answer

Section 21 of the Banking Regulation Act, 1949

Answer

Article 266 of the Constitution of India

Question 2

With reference to the Reserve Bank of India's annual surplus transfer to the Union government, the body that formally approves the quantum of the transfer is the—

Accepted Answer

Central Board of Directors of the Reserve Bank of India

Answer

Monetary Policy Committee of the Reserve Bank of India

Answer

Financial Stability and Development Council

Answer

Department of Economic Affairs, Ministry of Finance

UPSC Prelims Practice Questions — The RBI and its growing fiscal role

Q1. The statutory provision under which the Reserve Bank of India transfers the balance of its profits, after making provisions, to the Government of India is contained in—

Q2. With reference to the Reserve Bank of India's annual surplus transfer to the Union government, the body that formally approves the quantum of the transfer is the—