csrgk today monthly magazine Published this articles page no 521
RBI s Role as Banker and Debt Manager to the Government Since its inception the Reserve Bank of India has undertaken the traditional central banking function of managing the governments banking transactions. The Reserve Bank of India Act 1934 requires the Central Government to entrust the Reserve Bank with all its money remittance exchange and banking transactions in India and the management of its public debt. The Government also deposits its cash balances with the Reserve Bank. The Reserve Bank may also by agreement act as the banker and debt manager to State Governments. Currently the Reserve Bank acts as banker to all the State Governments in India (including Union Territory of Puducherry) except Sikkim. For Sikkim it has limited agreement for management of its public debt.csrgk today monthly magazine
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