IBPS RRB RBI Basics — practice questions
68 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice IBPS RRB RBI Basics in the app →The Reserve Bank of India was established in the year:Which branches must provide the note exchange facility?May a branch refuse coins tendered at its counter?Which coins ceased to be legal tender from June 30, 2011?Under the RBI Act, can a person claim the value of a lost note as a right?Refund of a mutilated note is made as a matter of:The Note Refund Rules of 2009 were amended in:Exchange of mutilated and imperfect notes at a branch is:A note dirtied by normal wear and tear is called a:A note with a portion missing, or in more than two pieces, is:A note that is washed, shrunk or indecipherable is called:Soiled notes taken in over the counter must be sent to a:How many notes may be exchanged over the counter free of charge?For bulk tender, the probable payment date must not exceed:If a branch cannot adjudicate, payment must follow within:Who acts as the Prescribed Officer for adjudicating notes?After adjudication the officer stamps the note PAY, REJECT or:A note already bearing a PAID stamp, presented again, must be:Branches must ensure the facility is not cornered by:Which banks may exchange mutilated notes only at their option?Soiled notes accepted at the counter must never be:The Reserve Bank was constituted to take over the management of the:The Reserve Bank is described in the Act as a:The capital of the Reserve Bank is fixed at:Which is not among the four cities where the Bank first set up offices?A Local Board consists of how many members?The Central Board includes a Governor and how many Deputy Governors?How many Directors on the Central Board come from the Local Boards?How many Directors does the Central Government nominate directly?The Governor and Deputy Governors must devote to the Bank their:The Government official Director on the Central Board may not:Who holds the sole right to issue bank notes in India?Bank notes are issued through which department of the Bank?The Act caps note denominations at a value not exceeding:Every bank note is legal tender and is guaranteed by the:A series of notes can cease to be legal tender by notification in the:If the Bank fails its statutory obligations the Central Board may be:Who else may issue a bill payable to bearer on demand in India?The inflation target is set in terms of which index?The inflation target is determined once in every:Who chairs the Monetary Policy Committee?How many members of the MPC are appointed by the Central Government?Which Deputy Governor sits on the MPC?Who nominates the Bank officer who sits on the MPC?The Monetary Policy Committee determines which rate?The decision of the Monetary Policy Committee is:RBI was established on:RBI's Central Office was first set up in which city?The Central Office moved permanently to Mumbai in:RBI was nationalised in:Since nationalisation, RBI is fully owned by:Central Board directors are appointed or nominated for a period of:The full-time official directors of RBI are the Governor and not more than ___ Deputy Governors.How many directors from various fields does the Government nominate to the Central Board?Local Boards are constituted for how many areas?A Local Board member holds office for:Local Boards represent the interests of local cooperative and:The Board for Financial Supervision was constituted in:Which department provides secretarial support to the BFS?The Payment and Settlement Systems Act administered by RBI was passed in:The Credit Information Companies (Regulation) Act was passed in:The Foreign Exchange Management Act, managed by RBI, is of the year:The Regional Rural Banks Act was passed in:The NABARD Act is of the year:The Deposit Insurance and Credit Guarantee Corporation Act was passed in:Coins are minted by the Government of India and put into circulation by:Under 'Banker to banks', RBI maintains banking accounts of all:Which training institute is part of the Reserve Bank?