Question
Under Section 17 of the RBI Act, 1934, deposits accepted
from banks or other persons for liquidity management are made under which scheme?Solution
Section 17(1A), inserted by Act 13 of 2018 with effect from 28-3-2018, authorises the Bank to accept money as deposits, repayable with interest, from banks or any other person under the Standing Deposit Facility Scheme as approved by the Central Board, for the purposes of liquidity management. This is one of the businesses the Bank may transact. The correct scheme referred to in Section 17(1A) is the Standing Deposit Facility Scheme.
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