Reserve Bank is called the bank of banks because all types of banks are licensed to work. guidelines, and the loan is fulfilled by the Reserve Bank only. The Reserve Bank of India is the only supreme bank, also known as the central bank, and has the authority to print the country’s currency notes. The Reserve Bank also gives advice to the Government of India for the economic and social development of the country.
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FAQ
- Where is the Reserve Bank of India
The Reserve Bank is located in the financial capital of the country, Mumbai.
- When was the Reserve Bank established?
The Reserve Bank was established on 01 April 1935.
- Who established the Reserve Bank?
The Reserve Bank was established by the British Government on the recommendation of the Hilton Young Commission.
- Which is the central bank of India?
The central bank of India is the Reserve Bank of India.
- Why is the Central Bank called the Bank of Banks?
The central bank is called the bank of banks because the central bank issues licenses, guidelines for working, and grants loans to other types of banks.