Question
Download Solution PDFWho is the last lender of the following?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Reserve Bank of India.
Key Points
- The Reserve Bank of India (RBI) is the central banking institution of India and controls the monetary policy of the Indian currency, the Rupee.
- RBI was established on April 1, 1935, under the Reserve Bank of India Act, 1934.
- It acts as the regulator of the financial system, issuer of currency, manager of foreign exchange, and as the banker to the government and banks, playing the role of the last lender.
- The term "last lender" refers to RBI's role in providing critical financial assistance to banks during a financial emergency when there are no other sources.
Additional Information
| Option | Details |
|---|---|
| Prime Minister of India | Head of the government and chief advisor to the President of India, not involved in banking functions. |
| President of India | The ceremonial head of state, acting upon the advice of the Cabinet, not involved in direct financial roles. |
| Parliament | Makes laws and approves financial bills, but does not act as a lender in the banking system. |
Last updated on Jun 7, 2025
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