Which of the following is a major objective of the Reserve Bank of India?
A. Formulation of the Union Budget
B. Collection of direct taxes
C. Maintaining monetary stability and regulating the financial system
D. Formulation of Five Year Plans
Answer: Option C
Solution (By JKSSB Mock Tests)
The RBI's primary responsibilities include maintaining price and financial stability, regulating banks and the financial system, and managing the currency and foreign exchange.
Explanation:
Urban and rural cooperative banks in India are subject to dual regulation by the Reserve Bank of India and the respective state governments.
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