Question
Download Solution PDFWhich of the following institutions is responsible for regulating the formal sources of credit in India?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is RBI.
- The Reserve Bank of India is the body responsible for regulating the formal sources of credit in India.
- RBI started its operation on April 1, 1935.
- RBI was established via the RBI Act of 1934, so it is also known as a statutory body.
- The nationalization of RBI took place in 1949 and from January 1, 1949, RBI started working as a government-owned bank.
- The original headquarters of RBI were in Kolkata, but in 1937, it was shifted to Mumbai.
| Body | Established In | Purpose |
| TRAI | 1997 | The Telecom Regulatory Authority of India (TRAI) is the regulator of the telecommunications sector in India. |
| NABARD | 1982 | National Bank for Agriculture and Rural Development (NABARD) is an apex development finance institutions in India for credit for agriculture and other economic activities in rural areas in India. |
| IRDA | 1999 | The Insurance Regulatory and Development Authority of India (IRDA) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. |
Last updated on Jun 6, 2025
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