S1: The Reserve Bank of India (RBI) is the central bank of India. S2: RBI regulates the entire financial system of India. Which statement(s) is/are correct?
Explanation:
RBI is the central bank, established under the RBI Act, 1934. It regulates the monetary policy, banking system, and foreign exchange, effectively regulating the core of the Indian financial system. Both statements are correct.
Explanation:
The collection increases the Pass Book balance. To reach the un-updated Cash Book balance, this amount must be deducted from the Pass Book.
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