Q.Which of the following correctly names India's two depositories?

The odd one out is RBI, because it is not a constituent of the depository system.

The depository system that holds securities in electronic form is made up of a few key constituents. A Depository (such as NSDL or CDSL) holds the securities in demat form. A Depository Participant (DP) acts as the link between the depository and the investor, opening and servicing demat accounts. Along with the beneficial owner (investor) and the issuer company, these make up the system.

…

The odd one out is RBI. The Depository and DP are constituents of the depository system, whereas RBI is the central bank of the country and not part of the depository system.

• Depository is an organisation (like NSDL or CDSL) that holds securities in electronic form.
• DP (Depository Participant) is the agent of the depository that acts as a link between the depository and the investor. …

The correct option is multi. India operates more than one depository, so it has a multi-depository system.

A depository holds investors’ securities in electronic (dematerialised) form. Some countries allow only a single depository, but India permits more than one to encourage competition and efficiency.

• India currently has two registered depositories — the National Securities Depository Limited (NSDL) and the Central Depository Services Limited (CDSL). …

The word/term is Depository (for example, NSDL or CDSL).

A depository is an organisation, similar to a bank, that holds securities such as shares, debentures and bonds in electronic (demat) form on behalf of investors. In India there are two depositories, NSDL (National Securities Depository Ltd.) and CDSL (Central Depository Services Ltd.). The investor deals with the depository through a Depository Participant (DP).

…