The Indian Institute of Banking and Finance holds an exam to fill the position of Junior Associate of the Indian Institute of Bankers, which is currently vacant. The exam is held twice a year in two cycles, i.e., in May and November. To help you in your preparation for this exam, let’s have a look at Important sections of the RBI Act, 1934 in detail.
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Important sections of the RBI Act, 1934
Here are some important sections of the RBI
Section 3 :
Authorises the RBI to take over the management of the currency from the Central Government and carry on the business of banking in accordance with the provisions of this Act.
Section 7 :
Central Government may from time to time give directions to the RBI if it is a matter of public interest after consulting with the RBI Governor.
Mentions the functions of RBI
Section 18 :
Mentions the emergency provisions that RBI can take for the purpose of regulating credit in the interests of Indian trade, commerce, industry, and agriculture.
Section 21 :
It entrusts the RBI with the management of the public debt and with the issue of loans to the Central government.
Section 22 :
It gives the RBI the sole right to issue bank notes in the country.
Section 24 :
It mentions the denominations of the notes that can be in circulation. On the recommendation of the RBI, the Central Government can direct the discontinuance of the issue of any particular bank notes.
Section 28 :
It empowers the RBI to form laws to deal with lost, stolen, mutilated, or imperfect currency notes of the Government of India.
Section 31 :
Empowers RBI and the Central government to issue demand bills and promissory notes
Section 42 :
This section mentions the cash reserves that the scheduled banks have to keep with the RBI.
Section 45 :
Mentions the powers of RBI to collect credit information from financial institutions, determine policy and issue directions, constitute Monetary Policy Committee and target inflation
Section 46 :
Mentions the Reserve funds that Central Government needs to maintain with the RBI
Section 58 :
Gives the power to make regulations to the RBI board
Important sections of RBI Act, 1934 – FAQs
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JAIIB will be conducted on 8th, 9th & 22nd January 2022
Banking regulation act, 1934, and the Reserve Bank of India Act, 1934 regulate the banking sector in India.
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