Multiple choice

Consider the following statements:

  1. Reserve Bank of India was nationalized on 26th January, 1950.
  2. The borrowing programme of the Government of India is handled by the Department of Expenditure, Ministry of Finance.

Which of the statements given above is/are correct?

  1. 1 only

  2. 2 only

  3. Both 1 and 2

  4. Neither 1 nor 2
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

RBI was established in 1935 and its shares were held by private individuals. There are 20 directors who govern its activities. It was nationalized on 1st January, 1949. The borrowing programme of the Government of India is handled by the Department of Economic Affairs under Union Finance Ministry.

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