Q.Which of the following is NOT a primary function of a commercial bank?

The apex bank of India is the Reserve Bank of India (RBI) — option (d).

The RBI, established in 1935, is the central (apex) bank of India. Being the topmost monetary authority, it stands at the head of the country's banking structure and performs functions no ordinary bank does: sole authority to issue currency notes, banker to the Government, banker's bank and lender of last resort, custodian of foreign-exchange reserves, and controller of credit through monetary policy.

SBI, PNB and UBI are commercial banks that themselves work under the regulation of the RBI, so they cannot be the apex bank.

Full form of RTGS = Real Time Gross Settlement.

RTGS (Real Time Gross Settlement) is an electronic fund-transfer system operated under the RBI, in which money is transferred from one bank to another on a 'real time' and 'gross' basis — that is, each transaction is settled individually and immediately, without batching. It is mainly used for large-value transfers.

The Reserve Bank of India (R.B.I.) is the custodian of India's foreign-currency reserves — option (c).

One of the important functions of the RBI as India's central bank is to act as the custodian of the country's foreign-exchange reserves. It keeps and manages the nation's reserves of foreign currencies and gold, and controls the buying and selling of foreign exchange to maintain external stability of the rupee. The finance ministry frames policy and the NSSO conducts surveys, but the actual keeping of foreign-currency reserves rests with the RBI.

The correct option is (A) 1949, the year the RBI was nationalised.

The Reserve Bank of India was established in 1935 as the country's central bank under the RBI Act, 1934. After independence, to bring monetary policy fully under public control, the government nationalised the RBI in 1949 (with effect from 1 January 1949). The year 1969 relates to the nationalisation of major commercial banks, not the RBI, and 1955 relates to the State Bank of India.