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rbi act > Part 1 > Flashcards

Part 1 Flashcards

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1
Q

Bank for International Settlements” means the body corporate established with the said name under

A

the law of Switzerland in pursuance of an agreement dated the 20th January 1930, signed at the Hague

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2
Q

“Consumer Price Index” means the Consumer Price Index Combined published by

A

the Government of India from time to time

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3
Q

DICGC act

A

Deposit Insurance Corporation Act, 1961

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4
Q

EXIM Bank act

A

Export-Import Bank of India Act, 1981

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5
Q

Industrial Finance Corporation Act

A

Industrial Finance Corporation Act, 1948

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6
Q

“inflation” means

A

the year wise change in monthly Consumer Price Index expressed in terms of percentage

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7
Q

National Bank for Financing Infrastructure and Development ACT

A

National Bank for Financing Infrastructure and Development Act, 2021

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8
Q

National housing bank

A

National Housing Bank Act, 1987

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9
Q

“Policy Rate” means

A

the rate for repo-transactions under sub-section (12AB) of section 17;]

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10
Q

Industrial Reconstruction Bank of India

A

Industrial Reconstruction Bank of India, Act, 1984;

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11
Q

“rupee coin” means 8[* * *] rupees which are legal tender 9[in 10[India]] under the provisions of the

A

Coinage Act, 2011

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12
Q

SBI act

A

State Bank of India Act, 1955

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13
Q

“Sponsor Bank” means a Sponsor Bank as defined in

A

Regional Rural Banks Act, 1976

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14
Q

SIDBI

A

Small Industries Development Bank of India Act, 1989

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15
Q

State Financial Corporation

A

State Financial Corporations Act 1951

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16
Q

Unit Trust of India ACT

A

Unit Trust of India Act, 1963

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17
Q

National Bank act

A

National Bank for Agriculture and Rural Development Act, 1981

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18
Q

“other development financial institution” means a development financial institution licensed under

A

Section 29 of the National Bank for Financing Infrastructure and Development Act, 2021

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19
Q

The capital of the Bank shall be

A

five crores of rupees

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20
Q

What is the primary condition mentioned before the Central Government gives directions to the Bank?

A

Consultation with the Governor of the Bank

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21
Q

Under what circumstances might the Central Government give directions to the Bank?

A

When considered necessary in the public interest

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22
Q

How many Deputy Governors can be appointed by the Central Government to the Central Board?

A

Not more than four

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23
Q

How many Directors are nominated by the Central Government from Local Boards?

A

four

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24
Q

What is the total number of Directors nominated directly by the Central Government, excluding those from Local Boards and Government officials?

A

ten

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25
Q

How many Government officials are part of the Central Board as per the nomination by the Central Government?

A

two

26
Q

What is the total number of members on the Central Board, including the Governor, Deputy Governors, and all nominated Directors?

A

21 (1 Governor + up to 4 Deputy Governors + 4 from Local Boards + 10 directly nominated + 2 Government officials)

27
Q

Who determines the salaries and allowances of the Governor and Deputy Governors?

A

Central Board of directors

28
Q

Under what conditions can the Governor or a Deputy Governor undertake part-time honorary work?

A

If deemed necessary in the public interest and not interfering with their duties

29
Q

Who can permit the Governor or a Deputy Governor to undertake part-time honorary work?

A

The Central Board

30
Q

What is a unique role that a Deputy Governor might take on

A

Act as the Chairman of the National Bank

31
Q

Who has the authority to appoint a Deputy Governor as the Chairman of the National Bank?

A

The Central Government, in consultation with the Bank

32
Q

Can a Deputy Governor vote in the meetings of the Central Board?

A

Only if authorized by the Governor in his absence

33
Q

What is the general voting right of a Director nominated under clause (d) of sub-section (1) at Central Board meetings?

A

They do not have voting rights

34
Q

Under what circumstances can a Deputy Governor vote in place of the Governor?

A

Only if the Governor is absent and has given written authorization

35
Q

What can a Director nominated under clause (d) of sub-section (1) do at Central Board meetings?

A

Attend and deliberate but not vote

36
Q

What is the maximum term length for the Governor and a Deputy Governor when initially appointed?

A

Five years

37
Q

Can the Governor or a Deputy Governor be re-appointed after their initial term?

A

yes

38
Q

How long does a Director nominated under clause (c) of sub-section (1) serve?

A

Four years

39
Q

What is the maximum number of terms a Director nominated under clause (c) can serve?

A

Two terms

40
Q

How long does a Director nominated under clause (d) of sub-section (1) serve?

A

At the pleasure of the Central Government

41
Q

How many members does each Local Board consist of?

A

Five

42
Q

How many Local Boards are there as per the text?

A

Four

43
Q

ho appoints the members of the Local Board?

A

The Central Government

44
Q

What interests are the members of the Local Board supposed to represent?

A

Territorial, economic, cooperative, and indigenous banks’ interests

45
Q

How is the chairman of a Local Board selected?

A

Elected by the members of the Local Board

46
Q

What is the term length for which a member of a Local Board holds office?

A

Four years

47
Q

Can members of a Local Board be reappointed?

A

Yes, they are eligible for reappointment

48
Q

What is the maximum number of terms a member of a Local Board can serve?

A

Two terms

49
Q

What is one of the primary functions of a Local Board?

A

To advise the Central Board on referred matters

50
Q

Who has the authority to remove the Governor or a Deputy Governor from office?

A

The Central Government

51
Q

Under what condition does a Director nominated under clauses (b) or (c) of section 8 cease to hold office?

A

If they miss three consecutive meetings without leave

52
Q

What happens if a Director or Local Board member becomes disqualified according to section 10?

A

They must be removed from office by the relevant authority

53
Q

Can a Director or member of a Local Board who has been removed or ceased to hold office be re-appointed before their original term expires?

A

No, not until the expiry of their original term

54
Q

What is the consequence for a Director or member of a Local Board who becomes a member of Parliament or a State Legislature?

A

Their nomination as Director or member becomes void unless they resign from the legislative body within two months

55
Q

How can a Director resign from their office?

A

by notifying the Central Government

56
Q

What is the effect of the acceptance of a resignation by a member of a Local Board?

A

Their office becomes vacant

57
Q

Who can appoint an officiator for the Governor or a Deputy Governor if they are incapacitated or absent?

A

The Central Government, after considering the Central Board’s recommendations

58
Q

Can the officiator for the Governor or Deputy Governor be an officer of the Bank?

A

Yes, despite the restrictions in section 10

59
Q

Who fills a casual vacancy in the office of a member of a Local Board?

A

The Central Board, based on recommendations from other Local Board members

60
Q

How are casual vacancies in the office of a Director (other than those covered by sub-section (1)) filled?

A

By the Central Government

61
Q

For how long does a person nominated to fill a casual vacancy hold office?

A

For the unexpired portion of their predecessor’s term

rbi act (2 decks)

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