Question : Which among the following is the sole note-issuing authority in India?
Option 1: Industrial Finance Corporation of India
Option 2: National Payments Corporation of India
Option 3: Reserve Bank of India
Option 4: State Bank of India
Correct Answer: Reserve Bank of India
Solution : The correct answer is the Reserve Bank of India .
As per Section 22 of the Act, the Reserve Bank of India (RBI) has the exclusive authority to issue banknotes in India. Section 25 empowers the central government to approve the design, form and material of banknotes based on recommendations from the Central Board of the RBI.
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