Question

_______ is the central bank of India that controls all the banks in the country.
1. SBI
2. Union Bank
3. CBI
4. RBI

Answer 1

Correct Answer - Option 4 : RBI

The correct answer is RBI

• About RBI:
  • ​The Reserve Bank of India was established on 1st April 1935.
  • It is the central bank of India that controls all the banks in the country.
  • Was established on the recommendation of the Hilton Young Commission.
  • The RBI was nationalized with effect from 1st January 1949.
  • Four local boards of RBI are located in four regions of the country Mumbai, Delhi, Chennai, and Kolkata.
  • The central office was initially established in Calcutta but was permanently moved in 1937 to Mumbai.
  • RBI is headed by the Governor, current (as of April 2021) Governor of RBI is Shri Shaktikanta Das (25th Governor)
  • The first Indian Governor of RBI was CD Deshmukh.
    • Also known as Banker's bank, Banker to the government.
  • Functions of RBI:
    1. ​Issue currency,
    2. Control credit,
    3. Acts as National Clearinghouse.
• Raghuram Rajan (23rd) and Urjit Patel (24th) former Governor of RBI.

• About SBI: (as of 2021) 
  • State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body.
  • Headquartered in Mumbai.
  • Established in: 1955
  • Current Chairman: Dinesh Kumar Khara (as of April 2021)
• About Union Bank: (as of 2021)
  • ​Headquartered in Mumbai.
  • Established in: 1919
  • MD & CEO: Shri Rajkiran Rai G.
• About CBI: (as of 2021)
  • ​CBI is the premier investigative agency in the country.
  • Established in 1963.
  • Current head (Intreme Chief) Praveen Sinha