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RBI Quiz: 10 Reserve Bank of India Questions with Answers

Written by the Quizzeela team
Last checked · 10 questions · Easy

The Reserve Bank of India is asked about in almost every bank exam. Test yourself with 10 questions on its history and role.

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1When was the Reserve Bank of India set up?

  1. 26 January 1950
  2. 15 August 1947
  3. 1 April 1935
  4. 1 April 1949
Show answer
Answer: C. 1 April 1935. The RBI started operations on 1 April 1935 under the Reserve Bank of India Act, 1934.

2In which year was the RBI nationalised?

  1. 1969
  2. 1991
  3. 1949
  4. 1935
Show answer
Answer: C. 1949. The RBI was nationalised on 1 January 1949 and has been fully owned by the Government of India since.

3Where is the RBI's headquarters?

  1. Mumbai
  2. New Delhi
  3. Chennai
  4. Kolkata
Show answer
Answer: A. Mumbai. The RBI's central office moved from Kolkata to Mumbai in 1937, where it remains.

4Who was the first Indian Governor of the RBI?

  1. Osborne Smith
  2. Manmohan Singh
  3. Raghuram Rajan
  4. C. D. Deshmukh
Show answer
Answer: D. C. D. Deshmukh. C. D. Deshmukh became the first Indian Governor in 1943. The first Governor was Sir Osborne Smith.

5Which ₹ note is issued by the Government of India, not the RBI?

  1. ₹500
  2. ₹1
  3. ₹100
  4. ₹10
Show answer
Answer: B. ₹1. The ₹1 note is issued by the Ministry of Finance and signed by the Finance Secretary. Other notes are issued by the RBI.

6The repo rate is the rate at which:

  1. Banks pay salaries
  2. The RBI lends short-term money to banks
  3. You pay income tax
  4. Banks lend to you
Show answer
Answer: B. The RBI lends short-term money to banks. Repo rate is the rate at which the RBI lends to banks against government securities. It affects loan rates across the economy.

7How many members are on the RBI's Monetary Policy Committee?

  1. 6
  2. 4
  3. 12
  4. 8
Show answer
Answer: A. 6. The MPC has 6 members: 3 from the RBI, including the Governor, and 3 appointed by the government.

8What is India's inflation target set for the RBI?

  1. 4%, with a band of 2% to 6%
  2. 10%
  3. 8%
  4. 2%
Show answer
Answer: A. 4%, with a band of 2% to 6%. The target is 4% consumer price inflation, with a tolerance band of 2% to 6%.

9The RBI is often called the:

  1. Stock exchange of India
  2. Tax office of India
  3. Insurance regulator
  4. Banker to the government and banker's bank
Show answer
Answer: D. Banker to the government and banker's bank. The RBI manages the government's banking and acts as the bank for other banks, including as lender of last resort.

10Which RBI scheme lets you file a complaint against a bank, NBFC or payment company?

  1. Atal Pension Yojana
  2. Jan Dhan Yojana
  3. Digital Rupee
  4. Integrated Ombudsman Scheme
Show answer
Answer: D. Integrated Ombudsman Scheme. The RBI Integrated Ombudsman Scheme handles complaints that the bank or company has not resolved. You can file at cms.rbi.org.in.
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Sources: Reserve Bank of India (rbi.org.in): history and functions pages. Found a mistake? Use "Report a mistake" in the timed quiz.