Question
Under which of the following Acts does the Reserve Bank
of India (RBI) derive its authority to regulate the financial market in India?ÂSolution
The Reserve Bank of India (RBI) derives its authority to regulate the financial market under the Reserve Bank of India Act, 1934. • This Act empowers the RBI to regulate various aspects of the financial market, including monetary policy, foreign exchange, and banking systems. • Other Acts, like the Banking Regulation Act, 1949, focus on regulating the banking sector, while the Payment and Settlement Systems Act, 2007 deals with the regulation of payment systems. About RBI: • Established: 1935 under RBI Act, 1934. • Regulation: Oversees financial markets, foreign exchange, and banking. • Monetary Policy: Manages inflation and currency. • Banking Supervision: Regulates banks under Banking Regulation Act, 1949. • Payment Systems: Oversees payments under Payment and Settlement Systems Act, 2007
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