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Which of the following functions of Reserve Bank of India are correct?I. Banker to BanksII. Currency Issuer

A.
Only I
B.
Neither I nor II
C.
Both I and II
D.
Only II

Solution:

The correct answer is Both I and II.The Reserve Bank of India (RBI) is the central bank of India.It is regarded as bank of banks and was established on April 1, 1935.Functions of the RBI are as follows:Issuer of CurrencyBanker to GovernmentCustodian of Cash Reserves of Commercial BanksController of creditCustodian of country's foreign reservesLender of last resort Thus, we can say that the Reserve Bank of India is the banker of the banks and issuer of the currency.

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