Bharatiya Reserve Bank Note Mudran Limited established as a fully owned subsidiary of the Reserve bank in the year _____.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4: 1995.
Explanation:
- The Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) was established on February 3, 1995, as a wholly-owned subsidiary of the Reserve Bank of India (RBI).
- Objective: Its primary objective is to enhance the capacity for printing banknotes and to ensure a secure supply to meet the growing demand for currency notes within the country.
- Printing Presses: BRBNMPL operates two major banknote printing presses:
- Mysuru (Karnataka)
- Salboni (West Bengal)
- Headquarters: Its corporate office is located in Bengaluru.
Key Points Related to RBI and Currency (Quick Revision):
- Currency Presses: There are a total of 4 banknote printing presses in India. Two are under the control of BRBNMPL (Mysuru, Salboni), and two are under the government-owned company, SPMCIL (Nashik and Dewas).
- Coin Mints: The mints responsible for coining are located in Mumbai, Kolkata, Hyderabad, and Noida.
- Varnika: This is an ink manufacturing unit located in Mysuru, established by BRBNMPL to achieve self-reliance in the printing of banknotes.
Important Questions for Upcoming Examinations:
Question: In which year was the Reserve Bank of India established?
Answer: April 1, 1935 (based on the recommendations of the Hilton Young Commission).
Question: Whose signature appears on the ₹1 banknote in India?
Answer: The Finance Secretary—all other banknotes bear the signature of the RBI Governor.
Question: Which system is adopted in India for the issuance of currency notes?
Answer: The Minimum Reserve System.