Choose whether the given statement is True/False:

The Reserve Bank of India issues currency notes.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
The Reserve Bank of India indeed issues currency notes. The Reserve Bank of India is the country's Central Bank, placing it at the top of the financial sector's organisational hierarchy. It is one of India's primary governing and regulating bodies.
Functions of the RBI:
1)      The issuer of Currency: The only authorised entity in the nation with the power to print money is the RBI.
2)      Banker to the Government: Federal and state governments require fundamental financial services.
3)      Banker to other Banks: All other national commercial banks are also under the Reserve Bank of India's supervision.
4)      Regulator of Foreign Exchange: The RBI's job is to preserve the value of the rupee in the world economy.
5)      Controls Credit in the Economy: Controlling credit and money in the market can be the Reserve Bank of India's main duty.

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