Top 30 GK Questions on Reserve Bank of India (RBI)

Top 30 GK Questions on Reserve Bank of India (RBI)

IBPS PO Mains & IBPS Clerk exams are knocking at the door. Pratice these Top 30 GK Questions on Reserve Bank of India (RBI) FOR IBPS Exams. In this Following RBI Quiz Practice Sets (Questions and Solutions) almost 30 Important Questions were included which was Frequently Asked in Previous Years. Solve these and judge your level of preparation.

Q1. On which of the following date, RBI was established ?

A]22nd April, 1934 

B]1st August, 1935 

C]1st April, 1935 

D]22nd August, 1934 

E]1st July, 1935 

Q2.RBI provides the Ways and Means Advances to whom ?
A]Central Government 

B]State Government 

C]Commercial Banks 

D]All of these 

E]None of these 

Q3.Who was the first Indian Governor of RBI ?
A]Kuldeep Pathak 

B]Dr. Rajyavardhan Sharma 

C]Sir Mukund Khanna 

D]Sir C.D. Deshmukh 

E]None of them 

Q4.Which is not a function of RBI ?
A]Holding cash reserves of all commercial banks and make available financial accommodation to them 

B]Assuming responsibility of all banking operations of the government 

C]Assuming the responsibility of the statistical analysis of data related to macro economy of India 

D]Assuming the responsibility to meet directly or indirectly all reasonable demands for the accommodation. 

E]None of these 

Q5.Which of the following statements is/are not true ?
A]RBI is the Bank of Issue. 

B]RBI acts as the Banker of the Government. 

C]RBI is known as the Banker's Bank. 

D]RBI does not regulate the credit flow. 

E]All are true 

Q6.The Government picked up the entire Share of SBI held by the RBI according to which of the following guidelines ?
A]Securities Commission 

B]SEBI 

C]National Stock Exchange of India 

D]Financial Regulations 

E]None of these 

Q7.Which of the followong Governors of RBI also served as the Finance Minister of India ?
A]Pranav Mukherjee 

B]Amitabha Ghosh 

C]Sir Benegal Rama Rau 

D]Dr. Manmohan Singh 

E]None of them 

Q8.In which of the following cities, the regional head quarters of RBI is not situated ? 
A]New Delhi 

B]Mumbai 

C]Bengaluru 

D]Kolkata 

E]Chennai 

Q9.Which of the following institutes is/are established by RBI ?
A]Indira Gandhi Institute for Development Research (IGIDR) 

B]Institute for Development and Research in Banking Technology, Hyderabad (IDRBT) 

C]National Institute of Bank Management (NIBM) 

D]Only A and C 

E]All of these 

Q10.Which of the following works as the agent of RBI while it has no own offices ? 
A]IMF 

B]SBI 

C]GOI 

D]Ministry of Finance 

E]None of these 

Q11.What would be the impact on cash reserves of the commercial banks if RBI conducts the sale of securities ?
A]Decrease 

B]Increase 

C]Either increase or decrease 

D]Remains contant 

E]No connection 

Q12. Which among the following would not help RBI to control the inflation in the country ?
A]Increase in Reserve Ratio Requirements 

B]Increase in Bank Rate 

C]Purchase of securities in open market 

D]Increase in Repo Rate 

E]None of these 

Q13.How many zonal training centers of RBI are there in India ?
A]2 

B]3 

C]4 

D]5 

E]6 

Q14.In which year the nationalization of RBI was occured ?
A]1947 

B]1949 

C]1951 

D]1953 

E]1955 

Q15.Which of the following schemes was formulated by the RBI ?
A]Mahatma gandhi National rural employment guarantee scheme 

B]Rashtriya Swathya Bima Yojona

C]Banking Ombudsman Scheme 

D]Jan Dhan Yojona 

E]None of them 

Q16.The logo of RBI consists of which animal ?
A]Elephant 

B]Panther 

C]Black Buck 

D]Lion 

E]None of them 

Q17.Who is the 24th Governor of RBI ?
A]Raghuram Rajan 

B]Dr. Manmohan Singh 

C]Urjit Patel 

D]S. S Mundra 

E]None of them 

Q18.Who had the shortest tenture as the Governor of RBI ?
A]Dr. Manmohan Singh 

B]Amitav Ghosh 

C]Sir Benegal Rama Rau 

D]S. S Mundra 

E]None of them 

Q19.Who had the longest tenture as the Governor of RBI ?
A]Raghuram Rajan 

B]Dr. Manmohan Singh 

C]Sir Benegal Rama Rau 

D]R Gandhi 

E]S. S Mundra 

Q20. In which year the head quarter of RBI is moved from Kolkata to Mumbai (Then Bombay) ? 
A]1936 

B]1937 

C]1938 

D]1939 

E]1940 

Q21.RBI can issue currency notes up to which denomination ?
A]Rs. 2000 

B]Rs. 1000 

C]Rs. 5000 

D]Rs. 10000 

E]None of these 

Q22. Who was the first woman Deputy Director of RBI ?
A]Suhani Sharma 

B]Vidya S 

C]K J Udeshi 

D]Anuradha Basu 

E]None of them 

Q23.Who was the first Governor of RBI ?
A]David Warner 

B]Sir Phillip Smith 

C]James Watson 

D]Sir Osborne Smith 

E]None of them 

Q24.Which statement is not true regarding RBI ?
A]It is the Central Bank of India. 

B]It was established in 1935. 

C]It can issue currency notes. 

D]Personal account can be opened in RBI. 

E]It is also known as the Banker's Bank. 

Q25.Which of the following is/ are the Quantitative Instrument of RBI ?
A]CRR 

B]Bank Rate Policy 

C]SLR 

D]All of these 

E]None of these 

Q26.RBI is a member of which of the following ?
A]Asian Clearing Union 

B]IMF 

C]Commonwealth Bank of Australia 

D]Both A and C 

E]Both A and B 

Q27.RBI has withdrawn the circulation of coins in the denomination of 1 paise, 2 paise, 3 paise, 5 paise, 10 paise, 20 paise and 25 paise in which year ?
A]2010 

B]2011 

C]2012 

D]2013 

E]2014 

Q28.Which of the following coins is not issued by the RBI ?
A]Re. 1 

B]Rs. 2 

C]Rs. 5 

D]Rs. 10 

E]None of these 

Q29.According to the which section of the RBI Act of 1934, RBI is liable to pay the value of banknote to its holder ?
A]Section 22 

B]Section 24 

C]Section 26 

D]Section 28 

E]Section 30 

Q30.Which of the following factors is/ are considered by the RBI to determine the number of notes to be issued by it ?
A]GDP Growth 

B]Inflation 

C]Replacement of soiled banknotes 

D]Reserve Stock Requirements 

E]All of these 

Answer with Explanation

Explanation 1. The Reserve Bank of India was established on 1 April 1935 to handle the economic troubles after the First World War. The Reserve Bank of India was built based on the guidelines presented by the Central Legislative Assembly passed these guidelines as RBI Act 1934.

Explanation 2. RBI provides the Ways and Means Advances to the State Government. If there is a temporary mismatch in cash flow of receipts and payments of State Governments, Reserve Bank of India provides them Ways and Means Advances (WMA). It also comes under the debt management works of the central Bank.

Explanation 3. Sir C.D. Deshmukh was the first Indian Governor of RBI. He served the RBI as Governor 11 August 1943 to 30 June 1949.

Explanation 4. Statistical analysis of data related to macro economy of India is a function of Central statistical organization and not of RBI.

Explanation 5. Being the Central Bank of India, RBI regulates the Credit Flow.

Explanation 6. According to the guidelines of the Securities and Exchange Board of India (SEBI), the Government picked up the entire shares of SBI held by the RBI at a price of Rs. 1,130.35 per share.

Explanation 7. Former RBI Governor Dr. Manmohan Singh RBI also served as the Finance Minister of India and Prime Minister of India. His tenure was from 16 September 1982 to 14 January 1985.

Explanation 8. The regional head quarters of RBI are situated in New Delhi, Kolkata, Mumbai and Chennai.

Explanation 9. Institute for Development and Research in Banking Technology, Hyderabad (IDRBT), Indira Gandhi Institute for Development Research (IGIDR) and National Institute of Bank Management (NIBM) are the three autonomous institutes established by RBI to provide training on banking technologies and procedures.

Explanation 10. SBI works as the agent of RBI while it has no own offices.

Explanation 11. The cash reserves of the commercial banks decreases if RBI conducts the sale of securities.

Explanation 12. Purchase of securities in open market would not help RBI to control the inflation in the country.

Explanation 13. 4 zonal training centers of RBI are there in India. The centers are situated in Mumbai, Chennai, New Delhi and Kolkata.

Explanation 14. The nationalization of RBI was occured in 1949. The genesis of Reserve Bank of India (RBI) started in 1926 when the Hilton-Young Commission or the Royal Commission on Indian Currency and Finance made recommendation to the British Government of India to create the central bank.

Explanation 15. The Banking Ombudsman Scheme was formulated by the RBI. The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks.

Explanation 16. The logo of RBI consists of Panther and the Palm Tree.

Explanation 17. Urjit Patel is the 24th Governor of RBI. He is an Indian economist, who is currently serving as 24th Governor of Reserve Bank of India since September 2016.

Explanation 18. Amitav Ghosh had the shortest tenture as the Governor of RBI. He had served as the Governor for 20 days.

Explanation 19. Sir Benegal Rama Rau had the longest tenture as the Governor of RBI. He served approximately 7years as the Governor of RBI.

Explanation 20. The head quarter of RBI moved from Kolkata to Mumbai (Then Bombay) in 1937.

Explanation 21. RBI can issue notes up to Rs. 10000 denomination. The Rs. 10000 note was demonetized in january. 1978.

Explanation 22. K J Udeshi was the first woman Deputy Director of RBI. She hold charge as the deputy governor till October 12, 2005, when she attains the age of 62 or until further orders.

Explanation 23. Sir Osborne Smith was the first Governor of RBI. He served RBI as Governor from 1935 to 1937.

Explanation 24. Personal accounts cannot be opened in RBI.

Explanation 25. Bank Rate Policy, SLR and CRR are the Quantitative Instruments of RBI.

Explanation 26. RBI is a member of IMF (International Monetary Fund) and Asian Clearing Union.

Explanation 27. RBI has withdrawn the circulation of coins in the denomination of 1 paise, 2 paise, 3 paise, 5 paise, 10 paise, 20 paise and 25 paise in June, 2011.

Explanation 28. Re. 1 coins is not issued by the RBI. It is issued by the Government of India.

Explanation 29. According to the section 26 of the RBI Act of 1934, RBI is liable to pay the value of banknote to its holder.

Explanation 30. Inflation, GDP growth, replacement of soiled banknotes and reserve stock requirements are considered by the RBI to determine the number of notes to be issued by it.