Question Bank - Banking & Financial Services

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In India, the custodian of foreign exchange reserves of the country is:

A.
Union Cabinet
B.
Reserve Bank of India
C.
State Bank of India
D.
Union Finance Ministry

Solution:

The correct answer is the Reserve Bank of India. The Custodian of Indias foreign exchange reserves is the Reserve Bank of India. It is responsible for managing and maintaining the countrys foreign exchange reserves. Foreign exchange reserves are important for external trade and promote the growth of the country. The legal laws regarding the Foreign Exchange Reserves are written down in the Reserve Bank of India Act,1934. India's foreign reserve is mainly formed of the US Dollar in terms of bonds and 6. 6% of the forex reserve is in terms of gold. Additional InformationEstablishment- 1 April 1935. Governor- Sri Shakti Kant DasHead Office- Mumbai

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