Choose the given statement is True/False

State Bank of India issues currency notes on behalf of the central government in India.

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True

False

answer is B.

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Detailed Solution

The given statement is False.
The claim that the State Bank issues money on behalf of the federal government is untrue. The Reserve Bank of India (RBI) prints banknotes on behalf of the Indian government. According to Indian law, no other entity or person can print money. The Reserve Bank of India is in charge of overseeing the Indian Banking System in addition to managing the supply and issuance of the Indian Rupee. The Reserve Bank of India is crucial to the operation of Indian banks and issuing currency notes on the Central Government's behalf.
The correct statement is that the Reserve Bank of India (RBI) issues currency notes on behalf of the central government in India.

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