The 'Banking Regulation Act' was passed in which year? MCQ with Answer and Explanation

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The 'Banking Regulation Act' was passed in which year?

A. 1934

B. 1949

C. 1956

D. 1969

Answer: Option B

Solution (By JKSSB Mock Tests)

The Banking Regulation Act was passed in 1949.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a function of commercial banks?

A. Providing loans and advances

B. Issuing currency notes

C. Accepting deposits

D. Credit creation

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Correct Answer: Option B

Explanation:
Issuing currency notes is the sole prerogative of the Reserve Bank of India. Commercial banks accept deposits, provide loans and create credit.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Coinage Act' in India is administered by:

A. SBI

B. SEBI

C. RBI

D. Government of India

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Correct Answer: Option D

Explanation:
Coins are issued by the Government of India under the Coinage Act.

This question belongs to: Economy GK Economy Set 1

Question #3

Structural unemployment arises due to:

A. agricultural seasonality

B. mismatch between the skills of workers and available jobs

C. temporary job search

D. fluctuations in business cycles

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Correct Answer: Option B

Explanation:
Structural unemployment is caused by a mismatch between workers' skills and available jobs.

This question belongs to: Economy GK Economy Set 1

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