Central Bank
ICSE · Class 10 · Economics
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See them allWhat is a Central Bank? Define it.
Answer
A Central Bank is the supreme monetary institution at the apex of the monetary and banking structure of a country. It is the leader of the money market and controls, regulates, and supervises the acti…
Name the Central Bank of India and when was it established?
Answer
The Reserve Bank of India (RBI) is the central bank of India. It was established on 1st April, 1935, under the Reserve Bank of India Act, 1934. Initially it was a private bank, but on 1st January, 194…
What are the main differences between a Central Bank and a Commercial Bank? (List any 4)
Answer
1. Objective: Central bank promotes social welfare; Commercial bank earns profit 2. Ownership: Central bank is government-owned; Commercial bank can be private or government-owned 3. Note Issue: Centr…
Why is there a need for a Central Bank in every country?
Answer
1. Management of Paper Standard: Paper currency system needs central authority management 2. Banker to Government: Government needs a bank for its monetary, fiscal and trade activities 3. Credit Contr…
What is meant by 'Bank of Note Issue' function of Central Bank?
Answer
The Central Bank has the sole monopoly to issue currency notes, which is why it's called 'Bank of Issue'. Commercial banks cannot issue currency notes. The currency created is called 'high powered mon…
How does the Central Bank act as 'Banker to the Government'?
Answer
As Banker: Manages government banking accounts, accepts deposits, makes payments, gives short-term loans As Fiscal Agent: Manages public borrowings, collects taxes, represents government in internatio…
Explain the 'Lender of Last Resort' function of Central Bank.
Answer
When commercial banks fail to meet their financial requirements from other sources, they can approach the central bank as a last resort for loans and advances. This function saves banks from possible …
What is Monetary Policy?
Answer
Monetary Policy refers to the measures adopted by the central bank to regulate the supply of money and credit in the economy. It includes various instruments or tools that the central bank uses to con…
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