True or False
Reserve Bank of India cannot accept deposits from public.
The above statement is True.
1. The Central Bank (RBI) regulates money supply in the country. It also acts as a banker to the Government and to the other banks. Reserve Bank of India is the Central Bank in India.
2. The RBI has the power to print currency notes in India. (Except 1 Rs. Notes)
3. It is owned and controlled by Government of India.
4. The RBI provides loans to scheduled banks and financial institution.
5. Thus, The RBI does not accept deposit from the public. Actually, the commercial banks in the country accept the deposits from the public. Also commercial bank plays an actual function of bank. Hence RBI cannot accept the deposit from General Public.
Concept: Types of Bank
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