6. Which of the following is not a primary function of the Reserve Bank of India under the Banking Regulation Act, 1949?
a) Issuing currency notes and coins
b) Regulating and supervising banks
c) Promoting rural and agricultural development
d) Managing the government’s debt
7. The Banking Regulation Act, 1949 gives power to the Reserve Bank of India to inspect and audit banks:
a) Once every fiscal year
b) At least once every two years
c) At any time deemed necessary
d) Only upon receiving a complaint from a customer
8. Which entity can issue directions to banks under the Banking Regulation Act, 1949?
a) Ministry of Finance
b) Reserve Bank of India
c) Indian Banks’ Association
d) Securities and Exchange Board of India
9. The Banking Regulation Act, 1949 prohibits banks from employing the services of a person convicted of an offense involving:
a) Fraud
b) Theft
c) Robbery
d) All of the above
10. Any transaction in contravention of the Banking Regulation Act, 1949 may result in:
a) Imprisonment of the bank’s CEO
b) Revocation of the bank’s license
c) Monetary penalty on the bank
d) All of the above
