Question Bank - Banking & Financial Services

Here's the question bank on all the banking & financial services topics.

The Clean Note Policy was announced by the Reserve Bank of India in the year________.

A.
1995
B.
1999
C.
1992
D.
1997

Solution:

The correct answer is 1999. The Clean Note Policy was announced by the Reserve Bank of India in the year 1999. RBI introduced the Clean Note Policy in 1999, in which banks were asked not to give soiled, mutilated or written notes to customers and deposit it with the RBI. In 2002, under the Clean Note Policy, RBI advised banks to stop stapling currency notes. Additional InformationThe Reserve Bank of India (RBI) is the central bank and regulatory body of India and is responsible for the issue and supply of the Indian Rupee and regulation of the Indian banking system. It also manages the country's main payment systems and works to promote its economic development. Reserve Bank of India Note Printing is one of the specialized divisions of the Reserve Bank of India through which it mints Indian banknotes and coins. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized division with the objective of providing deposit insurance and guarantee of credit facilities to all Indian banks. Important PointsTill the setting up of the Monetary Policy Committee in 2016, it also had complete control over monetary policy in the country. It commenced its operations on 1st April 1935 in accordance with the Reserve Bank of India Act, 1934. After India's independence on 15 August 1947, RBI was nationalized on 1 January 1949.

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