Correct option is C
The Reserve Bank of India (RBI) is the central bank of India and performs several key functions in the Indian economy. However, opening savings bank accounts for the general public is not one of its functions. That function is carried out by commercial banks, which offer banking services to the public such as opening savings accounts, fixed deposits, and providing loans.
Key functions of the RBI include:
Issuance of currency: The RBI has the sole authority to issue banknotes in India under the RBI Act, 1934.
Banker to the Government: The RBI manages the banking affairs of the central and state governments, including handling public debt, managing government accounts, and performing monetary transactions on their behalf.
Custodian of cash reserves: RBI acts as the custodian of the cash reserves of commercial banks. It ensures that banks maintain a portion of their deposits as reserves with the RBI, facilitating liquidity management and control of money supply in the economy.
Monetary policy: The RBI regulates the country's money supply and interest rates to maintain price stability and promote economic growth.
