Question

Who directs commercial banks to reatise the cheques of distant bank branches ?

Answer 1

Answer:

Reserve bank of India (RBI).....

Answer 2

The commercial banks are directed by the RBI.

• RBI stands for Reserve Bank of India
• It has been vested with extensive power to control and supervise commercial banking system under the Banking Regulation Act, 1949
• The act, is Indian legislation that controls all the banking concerns in India.
• It has played a central role in formulating monetary, banking and financial policies since its inception.
• According to the act, RBI is empowered to inspect banks and control them in the interests of banking system, banking policy and the deposits