Subsidiaries — Set 5
Banking · सहायक कंपनियां · Questions 41–50 of 50
Which of the following is a wholly owned subsidiary of RBI?
Correct Answer: D. DICGC
DICGC is a wholly owned subsidiary of the Reserve Bank of India. It provides insurance for bank deposits to protect small savers. NABARD and SIDBI were once part-owned by RBI but are now under the government.
How many wholly owned subsidiaries does the RBI have at present?
Correct Answer: C. 5
The RBI currently has five wholly owned subsidiaries. These include DICGC, BRBNMPL, ReBIT, IFTAS, and RBIH. Each subsidiary handles a specialized function ranging from deposit insurance to IT services.
What is the primary function of BRBNMPL?
Correct Answer: A. Printing Banknotes
The primary function of BRBNMPL is the production and printing of banknotes. It manages two currency presses in Mysuru and Salboni. It was established in 1995 to ensure the steady supply of quality currency.
Which subsidiary of RBI is responsible for insuring bank deposits in India?
Correct Answer: C. DICGC
DICGC is responsible for the insurance of all types of bank deposits in India. It guarantees that depositors get their money back up to a certain limit if a bank fails. It is one of the oldest subsidiaries of the central bank.
Which organization provides IT and cybersecurity services to the RBI?
Correct Answer: A. ReBIT
ReBIT (Reserve Bank Information Technology Private Limited) provides IT and cybersecurity services to the RBI. It helps the central bank maintain its digital assets and perform tech audits. It was incorporated as a captive subsidiary in 2016.
IFTAS, a subsidiary of RBI, is mainly concerned with which of the following?
Correct Answer: D. Financial technology services
IFTAS provides high-end financial technology and allied services to the RBI and other banks. It manages the critical network used for inter-bank financial messaging in India. It is headquartered in Mumbai and supports the INFINET system.
What is the maximum insurance limit provided by DICGC to a bank depositor?
Correct Answer: D. ₹5 Lakh
DICGC insures each depositor up to a maximum of ₹5 lakh for both principal and interest. This limit applies to all deposits held in the same capacity and right at all branches of a bank. This amount was increased from ₹1 lakh in 2020.
Which subsidiary of RBI was established recently to promote innovation in the financial sector?
Correct Answer: A. RBIH
The Reserve Bank Innovation Hub (RBIH) is the latest subsidiary established to foster financial innovation. It was incorporated in 2022 to develop solutions for financial inclusion. It collaborates with startups and the academic community.
Which of the following institutions is NOT a subsidiary of the RBI but was once owned by it?
Correct Answer: D. NHB
National Housing Bank (NHB) was a wholly owned subsidiary of RBI until 2019. The Government of India now owns the entire stake in NHB. This change was part of a policy to separate the regulator from the regulated entities.
Where are the two printing presses of BRBNMPL located?
Correct Answer: D. Mysuru and Salboni
The two currency printing presses of BRBNMPL are in Mysuru (Karnataka) and Salboni (West Bengal). Note that Nashik and Dewas presses are owned by the Government of India through SPMCIL. BRBNMPL handles the specific requirements of the Reserve Bank.