Question

India’s foreign exchange reserves climbed to a record of $ 651.5 billion by the end of last week demonstrating resilience despite uncertain geopolitics. Source: The Economic Times, Kolkata, dated 6th June 2024

With reference to the above, name the institution that is authorised to monitor such reserves in our country.

Options

• Central Bank of India

• State Bank of India

• Citi Bank

• Indian Bank

Answer 1

Central Bank of India

Explanation:

India’s national banking authority, the Reserve Bank of India (RBI), is responsible for monitoring and managing foreign exchange reserves.