Which organization is responsible for regulating the financial sector in India ?

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Telangana Police SI Mains Exam 2022 Official Paper 4
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  1. Reserve Bank of India
  2. Planning Commission of India
  3. Banking ombudsman
  4. Ministry of finance

Answer (Detailed Solution Below)

Option 1 : Reserve Bank of India
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CT 1: Indian Polity (Making of the Constitution రాజ్యాంగాన్ని రూపొందించడం) Part 1
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Detailed Solution

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The correct answer is Reserve Bank of India.

Key Points

  • The Reserve Bank of India (RBI) is the central bank of India and was established on April 1, 1935.
  • RBI regulates the issuance and supply of the Indian Rupee and manages the monetary policy of India.
  • The RBI oversees and regulates commercial banks, financial institutions, and non-banking financial companies in India.
  • It ensures financial stability and sets guidelines for the banking sector, credit systems, and payment mechanisms in India.

Additional Information

  • Planning Commission of India: The Planning Commission was responsible for creating five-year plans and monitoring economic development in India. It was dissolved in 2014 and replaced by NITI Aayog.
  • Banking Ombudsman: The Banking Ombudsman is a quasi-judicial authority formed by the RBI to resolve customer complaints related to banking services such as delays, fraud, or lack of proper service.
  • Ministry of Finance: The Ministry of Finance is a government department responsible for fiscal policy, taxation, budget preparation, and economic affairs in India. While it supervises financial policies, it does not directly regulate the financial sector.
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