Commercial Applications
Which of the following options is/are correct statement(s)?
Statement 1: The Reserve Bank of India (RBI) acts as the banker's bank and manages the country's monetary policy.
Statement 2: The Industrial Finance Corporation of India (IFCI) is responsible for controlling the country's monetary policy.
- Only Statement 1 is correct
- Only Statement 2 is correct
- Both statements are correct
- Both statements are incorrect
Banking
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Answer
Only Statement 1 is correct
Reason — Statement 1 is CORRECT — the RBI is the central bank of India and acts as banker's bank, lender of last resort, and manager of the country's monetary policy. Statement 2 is INCORRECT — IFCI is an industrial bank which provides long-term finance, technical and managerial assistance to industries. It does NOT control monetary policy; that is exclusively the role of the RBI.
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