Question : The ___________ is responsible for issuing and regulating the currency in India.
Option 1: Ministry of Finance
Option 2: Government of India
Option 3: Reserve Bank of India (RBI)
Option 4: State Bank of India (SBI)
Correct Answer: Reserve Bank of India (RBI)
Solution : The correct answer is (c) Reserve Bank of India (RBI).
The Reserve Bank of India is the central bank of India and is responsible for issuing and regulating the currency in the country. The RBI has the authority to issue currency notes and coins in various denominations and is responsible for the management of currency in circulation.
The RBI plays a crucial role in maintaining the stability of the Indian rupee and ensuring the smooth functioning of the monetary system. It formulates and implements monetary policy, including decisions related to interest rates, money supply, and foreign exchange reserves. The RBI also acts as a banker to the government and regulates the banking and financial sector in India.
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