03 - Major Provisions of RBI Act

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on Major Provisions of RBI Act for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Bank

When was the RBI Act enacted?
What can be the maximum denomination of notes as per the Section 24 of the RBI Act?
Which section of the RBI Act allows the RBI to form rules regarding the exchange of damaged and imperfect notes?
Which section of the RBI allows the RBI to provide loans to banks and state financial corporations?
Which section of RBI Act states that the RBI has the exclusive rights to issue currency notes in India?