Correct option is B
The correct option is (B) Reserve Bank of India (RBI).
Explanation:
The Reserve Bank of India (RBI) is responsible for managing India’s foreign exchange reserves. The RBI ensures that these reserves are used to maintain monetary stability, stabilize the Indian rupee, and manage external payments. It plays a crucial role in buying and selling foreign currencies and managing the balance of payments.
Information Booster:
The RBI holds India's foreign exchange reserves, including foreign currencies, gold, Special Drawing Rights (SDRs), and reserve positions with the IMF.
India’s foreign exchange reserves play a vital role in maintaining economic stability, facilitating imports, and covering external debt obligations.
India’s foreign exchange reserves reached USD 689.235 billion in September 2024, bolstering the country’s financial security.
The RBI intervenes in the foreign exchange market to control currency volatility and stabilize the rupee.
Additional Knowledge:
Ministry of Finance:
The Ministry of Finance oversees national economic policy, government revenue, and budget planning, playing a key role in the overall economic strategy of the country.
India International Bank:
India International Bank focuses on providing comprehensive banking services and is not directly involved in managing foreign exchange reserves.
Securities and Exchange Board of India (SEBI):
SEBI regulates securities markets in India, ensuring market integrity, and overseeing investor protection in the stock exchanges.
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100 Questions
100 Marks
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