Commercial Applications
India's foreign exchange reserves climbed to a record of $651.5 billion by the end of last week demonstrating resilience despite uncertain geopolitics.
Source: The Economic Times, Kolkata, dated 6th June 2024
With reference to the above, name the institution that is authorised to monitor such reserves in our country.
- Central Bank of India
- State Bank of India
- Citi Bank
- Indian Bank
Banking
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Answer
Central Bank of India
Reason — The Central Bank (RBI in India) is the sole custodian of gold, foreign exchange and all other reserves of the country. It manages these reserves judiciously to overcome difficulties in the balance of payments and to stabilise the exchange rates. State Bank of India is a commercial bank, Citi Bank is a foreign bank, and Indian Bank is a public sector commercial bank — none of them monitor the country's foreign exchange reserves.
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