The correct answer is: B. Reserve Bank of India
The Reserve Bank of India (RBI) is the central bank of India. It was established on April 1, 1935, in accordance with the Reserve Bank of India Act, 1934. The RBI is the lender of last resort to commercial banks in India. It also acts as the government’s banker and financial advisor. The RBI is responsible for issuing currency in India and for maintaining the stability of the Indian rupee. It also regulates the banking system in India and supervises the activities of commercial banks.
The RBI is governed by a central board of directors, which is appointed by the government of India. The RBI has its headquarters in Mumbai, Maharashtra. It has branches in all major cities of India and also has offices in a few foreign countries.
The RBI is a statutory body and is not subject to the control of the government of India. However, the government of India has the power to appoint the governor and deputy governors of the RBI and to issue directions to the RBI on matters of public policy.
The RBI is a powerful institution and plays a vital role in the Indian economy. It is responsible for maintaining financial stability in India and for promoting economic growth.
The other options are incorrect because:
- State Bank of India (SBI) is a commercial bank in India. It is the largest bank in India in terms of assets, deposits, and loans. SBI is not the lender of last resort in India.
- EXIM Bank of India is an export-import bank in India. It is a specialized bank that provides financial assistance to exporters and importers in India. EXIM Bank of India is not the lender of last resort in India.
- Union Bank of India is a commercial bank in India. It is the third largest bank in India in terms of assets, deposits, and loans. Union Bank of India is not the lender of last resort in India.