alleryStart learning →In which year was the Reserve Bank of India founded?
- 1928
- 1969
- 1949
- 1935
Show answer and solution
Correct answer: D. 1935
The RBI began work on 1 April 1935 under the RBI Act of 1934.
CA Inter Audit of Banks — practice questions
Explore 40 free Audit of Banks questions in CA Inter Auditing. Open each question or exercise to read its content, reference answers and available explanation.
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Showing questions 1–30 of 40.
In which year was the Reserve Bank of India founded?Read the answer and worked solution →In which year did the RBI pass into public ownership?Read the answer and worked solution →The RBI Act of 1934 followed the work of which commission?Read the answer and worked solution →What institutional first did India achieve among colonies?Read the answer and worked solution →On what date did the Banking Companies Act 1949 come into force?Read the answer and worked solution →From which year did the Banking Companies Act take the name Banking Regulation Act?Read the answer and worked solution →The 1965 amendment extended the Banking Regulation Act to which banks?Read the answer and worked solution →Which section was added in 1965 to cover cooperative banks?Read the answer and worked solution →Which is excluded from the Banking Regulation Act, 1949?Read the answer and worked solution →Who can lay down audit instructions for banks under the Act?Read the answer and worked solution →Under the 1949 Act, what was needed to open a new bank or branch?Read the answer and worked solution →What did the 1949 Act say about directors of different banks?Read the answer and worked solution →How many large commercial banks were nationalised in 1969?Read the answer and worked solution →The 14 major banks were nationalised from midnight of which date?Read the answer and worked solution →What share of bank deposits did the 14 banks of 1969 hold?Read the answer and worked solution →What was the stated aim of the 1980 nationalisation?Read the answer and worked solution →After the 1980 round, roughly what share of banking business did the government control?Read the answer and worked solution →Which nationalised bank merged with Punjab National Bank in 1993?Read the answer and worked solution →The 1993 merger cut the number of nationalised banks to how many?Read the answer and worked solution →Vijaya Bank, nationalised in 1980, later became part of which bank?Read the answer and worked solution →The RBI-run deposit insurance system was started in which year?Read the answer and worked solution →Which committee advised financial sector restructuring after the 1991 rupee devaluation?Read the answer and worked solution →In which year were guidelines issued to set up a private banking sector?Read the answer and worked solution →By how much did the rupee lose value against the dollar in July 1991?Read the answer and worked solution →The Foreign Exchange Management Act, 1999 came into force in which month and year?Read the answer and worked solution →In a tied Monetary Policy Committee vote, who decides?Read the answer and worked solution →Why did the RBI set up its printing subsidiary in February 1995?Read the answer and worked solution →Who chairs the RBI Board for Financial Supervision?Read the answer and worked solution →For how long do co-opted directors serve on the Board for Financial Supervision?Read the answer and worked solution →How often must the Board for Financial Supervision normally meet?Read the answer and worked solution →
Worked practice questions
In which year did the RBI pass into public ownership?
- 1935
- 1947
- 1969
- 1949
Show answer and solution
Correct answer: D. 1949
The RBI was nationalised on 1 January 1949 and has since been wholly government owned.
The RBI Act of 1934 followed the work of which commission?
- Narsimham Committee
- Kelkar Committee
- Chelliah Committee
- Hilton Young Commission
Show answer and solution
Correct answer: D. Hilton Young Commission
The 1926 Royal Commission on Indian Currency and Finance, known as the Hilton Young Commission, recommended a central bank.
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