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Why This Chapter Matters

Every year, some IBPS or SBI Clerk aspirant loses a winnable seat by two or three marks, not because they didn't know the topic, but because in the last ten days before the exam they had no single place to pull the whole syllabus back together. You have read twenty-seven chapters of this book. This chapter exists for the week before your exam, when you no longer have time to reread chapters, only to check whether a fact has stuck. Treat it as your final-lap sheet: the rates, the committees, the governors, the abbreviations, and fifty facts pulled from across banking awareness, economy, polity, history, geography, science, and computer knowledge, all in one place, dense enough that a single read-through the night before your exam covers ground that would otherwise take four hours of flipping pages.

The biggest mistake aspirants make with a compendium chapter like this one is treating it as a substitute for the earlier chapters instead of a companion to them. A table tells you what the rate is; it does not explain why CRR and SLR behave differently, or why the 1969 and 1980 nationalization waves get confused. If a line below feels unfamiliar, that is your cue to flip back to the relevant chapter, not to memorize the row in isolation. Used correctly, in the last week, this chapter is the difference between anxious re-reading and confident recall.

1. Repo, Reverse Repo, CRR, SLR: The Reference Table

Reserve Bank of India uses these four levers most often in General Awareness questions, and they are also the ones that shift every time the Monetary Policy Committee (MPC) meets, usually six times a year. Because the exact numeric value changes over time, memorize the definition, direction of effect, and which authority controls it solidly, and update the specific percentage from the latest RBI policy statement closer to your exam date rather than trusting any printed number to stay current for years.

Tool	What It Means	Who Sets It	Effect of a Hike
Repo Rate	Rate at which RBI lends short-term funds to commercial banks against government securities	Monetary Policy Committee (MPC), RBI	Loans costlier, liquidity tightens, inflation control tool
Reverse Repo Rate	Rate at which RBI borrows funds back from commercial banks	RBI	Banks earn more parking money with RBI, liquidity pulled out of the system
Cash Reserve Ratio (CRR)	Percentage of a bank's net demand and time liabilities (NDTL) that must be kept as cash reserve with RBI, earning no interest	RBI, under RBI Act 1934 Section 42	Reduces lendable funds directly, a blunt liquidity tool
Statutory Liquidity Ratio (SLR)	Percentage of NDTL that banks must hold in approved liquid assets like government securities, cash, or gold	RBI, under Banking Regulation Act 1949 Section 24	Restricts how much banks can lend, but the assets held still earn banks some return, unlike CRR
Marginal Standing Facility (MSF)	Emergency overnight borrowing window for banks, priced above the repo rate	RBI	Used by banks when they've exhausted normal repo borrowing limits
Bank Rate	Rate at which RBI lends long-term without collateral; now aligned with MSF rate	RBI	Mostly a signaling tool today, historically the primary tool before repo-based operations

Exam trap: CRR must be held as cash with RBI and earns the bank nothing. SLR can be held in government securities and gold, and those assets still earn a return. Students who forget this distinction wrongly assume both are dead money for the bank; only CRR is.

Memory hook: "Repo rents, Reverse repo returns, CRR cages cash, SLR stocks securities." Repo is RBI renting money out to banks. Reverse repo is that money returning to RBI. CRR cages a slice of deposits as pure cash, no escape, no interest. SLR asks banks to stock a slice in safe, income-generating securities instead of cash.

Two more terms recur constantly alongside this table. The Liquidity Adjustment Facility (LAF) is the RBI framework that houses repo and reverse repo operations together, letting RBI inject or absorb liquidity daily. Open Market Operations (OMO) refers to RBI buying or selling government securities in the open market to manage liquidity and interest rates, a tool distinct from repo but working toward the same broad goal of controlling money supply.

2. Public Sector Banks: The Complete List

After decades of nationalization, mergers, and consolidation, India's Public Sector Bank (PSB) count has settled at 12 banks since the mega-merger exercise completed in April 2020. This number is one of the most frequently asked static facts in banking exams, and it is worth locking in precisely.

PSU Bank	Headquarters	Notable Merger History
State Bank of India (SBI)	Mumbai	Absorbed its five associate banks and Bharatiya Mahila Bank in 2017
Punjab National Bank (PNB)	New Delhi	Merged Oriental Bank of Commerce and United Bank of India into itself in 2020
Bank of Baroda	Vadodara	Merged Dena Bank and Vijaya Bank into itself in 2019
Canara Bank	Bengaluru	Merged Syndicate Bank into itself in 2020
Union Bank of India	Mumbai	Merged Andhra Bank and Corporation Bank into itself in 2020
Bank of India	Mumbai	Stand-alone, no merger absorbed
Indian Bank	Chennai	Merged Allahabad Bank into itself in 2020
Central Bank of India	Mumbai	Stand-alone
Indian Overseas Bank	Chennai	Stand-alone
UCO Bank	Kolkata	Stand-alone
Bank of Maharashtra	Pune	Stand-alone
Punjab & Sind Bank	New Delhi	Stand-alone

Exam trap: Before April 2020, the count of PSBs was 27, then it dropped in stages as consolidation rounds happened (2017 SBI merger, 2019 Bank of Baroda merger, 2020 mega-merger of ten banks into four). If a question is dated or references an older year, the count in that year may not be 12. Always check whether the question specifies "currently" or a past year.

Memory hook for the four absorbing banks in the 2020 mega-merger: "PUB-C" absorbed the rest. PNB absorbed OBC and United Bank. Union Bank absorbed Andhra Bank and Corporation Bank. Bank of Baroda had already absorbed Dena and Vijaya in 2019. Canara Bank absorbed Syndicate Bank. Four strong anchor banks, ten banks disappeared into them, leaving 12 standing today.

3. Major Banking and Financial Committees

Banking committees are a goldmine for GA questions because each one has one or two headline recommendations that examiners love asking as a name-to-recommendation match. Learn the person, the year, and the one signature idea; do not try to memorize every clause of every report.

Committee	Year	Chairperson	Signature Recommendation
Narasimham Committee I	1991	M. Narasimham	Recommended reducing SLR and CRR gradually, phasing out directed credit, allowing new private banks, laying the groundwork for financial sector liberalization
Narasimham Committee II	1998	M. Narasimham	Focused on banking sector reform, capital adequacy, NPA (Non-Performing Asset) resolution, and stronger regulatory oversight
Nachiket Mor Committee	2013-14	Nachiket Mor	Recommended "Comprehensive Financial Services for Small Businesses and Low-Income Households"; its ideas directly shaped the creation of Payment Banks and Small Finance Banks
Rangarajan Committee	1991 (on poverty) / earlier on financial inclusion themes	C. Rangarajan	Poverty estimation methodology; separately linked with financial inclusion discussions
Damodaran Committee	2011	M. Damodaran	Recommended customer service reforms in banks, groundwork for the Banking Ombudsman Scheme improvements
Raghuram Rajan Committee	2008-09	Raghuram Rajan	"A Hundred Small Steps," financial sector reforms report emphasizing competition and inclusion over consolidation
Urjit Patel Committee	2014	Urjit Patel	Recommended inflation targeting via Consumer Price Index (CPI) and creation of a Monetary Policy Committee, the direct basis of India's current inflation-targeting framework
Bimal Jalan Committee	2018-19	Bimal Jalan	Reviewed RBI's Economic Capital Framework, decided how much surplus reserve RBI should transfer to the government
P.J. Nayak Committee	2014	P.J. Nayak	Recommended governance reforms in Public Sector Banks, including a Bank Investment Company to hold government stakes at arm's length
Khan Committee	2005	Usha Thorat (Deputy Governor, chaired the internal group referred to by this name in some sources)	Recommended the Business Correspondent (BC) model to extend banking to unbanked areas
Vijay Kelkar Committee	Multiple, notably on tax reform	Vijay Kelkar	Fiscal responsibility and tax reform recommendations, indirectly linked to fiscal deficit discipline affecting banking liquidity
Verma Committee	1999	S.H. Khan / later panels	Weak bank restructuring and turnaround strategy for public sector banks

Exam trap: Do not confuse Narasimham Committee I (1991), which opened the door to liberalization, with Narasimham Committee II (1998), which focused on strengthening banks already operating in a liberalized system. Same chairperson, two different eras of reform, and two different sets of recommendations, a pairing examiners exploit often.

Memory hook: "Nachiket built the Nach for the unbanked." Nachiket Mor's report is the direct ancestor of Payment Banks and Small Finance Banks, both created to bring the "unbanked" into formal finance, a small, differentiated dance step (a "nach") rather than a full universal license.

4. RBI Governors: Recent History

RBI has had 25-plus Governors since 1935. For exams, the recent ones matter most, since questions on "current" or "immediately preceding" Governor appear regularly, alongside a handful of historically significant names.

Governor	Tenure (approx.)	Notable For
Osborne Smith	1935-1937	First Governor of RBI
C.D. Deshmukh	1943-1949	First Indian Governor of RBI
Benegal Rama Rau	1949-1957	Longest-serving Governor of RBI
I.G. Patel	1977-1982	Known for reform-oriented monetary policy
Manmohan Singh	1982-1985	Later became Prime Minister of India
C. Rangarajan	1992-1997	Oversaw early liberalization-era monetary policy
Bimal Jalan	1997-2003	Steered RBI through the 1997-98 Asian financial crisis
Y.V. Reddy	2003-2008	Known for cautious pre-2008-crisis regulation that shielded Indian banks
D. Subbarao	2008-2013	Managed the global financial crisis aftermath
Raghuram Rajan	2013-2016	Introduced inflation-targeting groundwork, called the "rock star" Governor internationally
Urjit Patel	2016-2018	Governor during demonetization (November 2016)
Shaktikanta Das	2018-2024	Steered RBI through COVID-19 pandemic monetary response
Sanjay Malhotra	2024-present	Current RBI Governor as of this book's writing

Exam trap: "First Governor of RBI" is Osborne Smith, not C.D. Deshmukh. C.D. Deshmukh is the "first Indian Governor." These two superlatives get swapped constantly in objective questions; read the qualifier word "Indian" carefully.

Memory hook: "Smith started it, Deshmukh Indianized it, Rau ran it longest." Three separate superlatives, three separate names, in the order they actually happened: first ever, first Indian, longest serving.

5. Important Banking Abbreviations

Abbreviation	Full Form
RBI	Reserve Bank of India
NABARD	National Bank for Agriculture and Rural Development
SIDBI	Small Industries Development Bank of India
EXIM Bank	Export-Import Bank of India
NPCI	National Payments Corporation of India
DICGC	Deposit Insurance and Credit Guarantee Corporation
IBC	Insolvency and Bankruptcy Code
NPA	Non-Performing Asset
CASA	Current Account Savings Account
KYC	Know Your Customer
AML	Anti-Money Laundering
NEFT	National Electronic Funds Transfer
RTGS	Real Time Gross Settlement
IMPS	Immediate Payment Service
UPI	Unified Payments Interface
CBS	Core Banking Solution
ATM	Automated Teller Machine
PMJDY	Pradhan Mantri Jan Dhan Yojana
MUDRA	Micro Units Development and Refinance Agency
CIBIL	Credit Information Bureau (India) Limited
SARFAESI	Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
FEMA	Foreign Exchange Management Act
PMLA	Prevention of Money Laundering Act
AMFI	Association of Mutual Funds in India
IRDAI	Insurance Regulatory and Development Authority of India
SEBI	Securities and Exchange Board of India
PFRDA	Pension Fund Regulatory and Development Authority
FSDC	Financial Stability and Development Council
MCLR	Marginal Cost of Funds based Lending Rate
CRAR	Capital to Risk-Weighted Assets Ratio

Memory hook: "Every bank exam has an alphabet soup question, and the ladle scoops the same twenty names every time." Read this table twice, out loud if you can, the night before the exam. Abbreviation questions reward pure recall, not reasoning, so repetition beats cleverness here.

6. Fifty Must-Know Facts Across the Book

The following facts are drawn across banking, economy, history, polity, geography, science, computers, and static GK, chosen because they recur across multiple years of actual IBPS and SBI Clerk papers.

1. RBI was established under the Reserve Bank of India Act, 1934, and began operations on April 1, 1935.
2. RBI was nationalized with effect from January 1, 1949.
3. 14 banks were nationalized on July 19, 1969; 6 more on April 15, 1980.
4. State Bank of India traces its lineage to the Imperial Bank of India, itself formed by merging the three Presidency Banks in 1921.
5. India has 12 Public Sector Banks as of the post-2020 consolidation.
6. The Monetary Policy Committee (MPC) has 6 members, decisions taken by majority vote, with the RBI Governor holding the casting vote in a tie.
7. India's inflation target under the flexible inflation targeting framework is 4%, with a band of +/- 2%, based on Consumer Price Index (CPI) data.
8. NABARD was set up in 1982 to focus on agriculture and rural credit.
9. SIDBI was established in 1990 for small industry financing.
10. Payment Banks cannot lend money or issue credit cards; they can accept deposits up to a regulatory ceiling and offer payments and remittance services.
11. Small Finance Banks can lend, unlike Payment Banks, and primarily serve small businesses, farmers, and unorganized sector entities.
12. Basel III norms deal with bank capital adequacy, stress testing, and market liquidity risk, developed by the Basel Committee on Banking Supervision.
13. Priority Sector Lending (PSL) requires banks to direct a fixed percentage of credit toward agriculture, MSMEs, education, housing, and weaker sections.
14. The Insolvency and Bankruptcy Code (IBC) was enacted in 2016 to speed up resolution of bad debt.
15. DICGC insures bank deposits up to ₹5 lakh per depositor per bank, a limit raised from ₹1 lakh in 2020.
16. UPI, launched by NPCI in 2016, is India's most widely used real-time payment system today.
17. Demonetization of ₹500 and ₹1,000 notes occurred on November 8, 2016.
18. The Goods and Services Tax (GST) was implemented across India on July 1, 2017, replacing a web of indirect taxes.
19. India's Parliament is bicameral: the Lok Sabha (House of the People) and the Rajya Sabha (Council of States).
20. The Constitution of India was adopted on November 26, 1949, and came into effect on January 26, 1950.
21. Dr. B.R. Ambedkar chaired the Drafting Committee of the Constituent Assembly.
22. India's Constitution is the longest written constitution in the world.
23. The Preamble was amended once, by the 42nd Amendment (1976), adding "socialist," "secular," and "integrity."
24. Article 370, granting special status to Jammu & Kashmir, was effectively abrogated in August 2019.
25. The President of India is elected by an electoral college of elected MPs and MLAs, not by direct public vote.
26. The Finance Commission is constituted every five years under Article 280 to recommend tax revenue distribution between the Centre and states.
27. NITI Aayog replaced the Planning Commission in January 2015.
28. India's longest river within its own territory is the Ganga; the longest river overall associated with India by length including its course outside India is the Indus.
29. The Tropic of Cancer passes through eight Indian states, from Gujarat to Mizoram.
30. Kanchenjunga, in Sikkim, is India's highest peak and the world's third-highest mountain.
31. India shares its longest land border with Bangladesh, and its shortest with Afghanistan (via the Pakistan-occupied Gilgit-Baltistan region).
32. The Indian National Congress was founded in 1885, with A.O. Hume as a key organizer and W.C. Bonnerjee as its first president.
33. The Quit India Movement was launched in August 1942.
34. India gained independence on August 15, 1947; Partition created India and Pakistan simultaneously.
35. The Battle of Plassey (1757) established British political control's foothold in Bengal.
36. Mahatma Gandhi led the Dandi Salt March in 1930, a landmark act of civil disobedience.
37. The human body's smallest bone is the stapes, located in the middle ear.
38. Vitamin C (ascorbic acid) deficiency causes scurvy; it is not stored by the body and needs regular dietary intake.
39. Photosynthesis occurs in the chloroplast, using chlorophyll to convert light energy into chemical energy.
40. The pH scale runs from 0 to 14; 7 is neutral, below 7 is acidic, above 7 is alkaline.
41. RAM (Random Access Memory) is volatile; data is lost when power is switched off, unlike ROM.
42. A compiler translates the entire source code at once before execution; an interpreter translates and executes line by line.
43. HTTP stands for HyperText Transfer Protocol; HTTPS adds encryption via SSL/TLS.
44. 1 Byte = 8 Bits; storage units scale as Kilobyte, Megabyte, Gigabyte, Terabyte in powers of 1024 in binary convention.
45. ISRO's Chandrayaan-3 achieved a successful soft landing near the Moon's south pole in August 2023, a first for any nation in that exact polar region.
46. The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) are India's two principal stock exchanges, with BSE being Asia's oldest, founded in 1875.
47. SEBI was given statutory powers under the SEBI Act, 1992, to regulate India's securities markets.
48. India's fiscal year runs from April 1 to March 31.
49. The Padma Awards are announced every year around Republic Day and are India's highest civilian honors after the Bharat Ratna.
50. Financial Inclusion milestone Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, aiming for at least one bank account per household.

Exam trap: Fact 28 is a favorite trick question. Within India's own borders, the Ganga is longer than the Indus, but the Indus, measured over its full length including the stretch through Pakistan and Tibet, is longer overall. Whichever version a question asks, read the qualifier ("within India" versus total length) before answering.

7. How To Use This Chapter In Your Final Week

Do not read this chapter cover to cover the way you'd read a normal study chapter. Instead, use it as a self-test. Cover the right-hand column of each table with your hand or a sheet of paper, look only at the left column, and try to recall the answer before checking. Where you hesitate for more than three seconds, that's a weak spot; write that single row on a separate small card and review it twice more before your exam. This active-recall approach, tested against a table you already half-know, builds far stronger retention than passive rereading, and it is exactly the exam-hall skill you need: fast recognition under a ticking clock, not slow reconstruction from first principles.

Treat the committees table and the abbreviations table as your two highest-yield sections if your time is genuinely short. Committees and abbreviations show up almost every single year across IBPS and SBI Clerk papers, in a way that even current-affairs-heavy years cannot avoid, because they are evergreen static facts examiners can always fall back on to fill a paper's General Awareness section.

Quick Revision — One-Line Facts

1. Repo rate is what banks pay RBI to borrow; reverse repo is what RBI pays banks to park funds.
2. CRR must be held as cash with RBI; SLR can be held as government securities or gold.
3. India has 12 Public Sector Banks after the April 2020 mega-merger.
4. PNB absorbed Oriental Bank of Commerce and United Bank of India in 2020.
5. Bank of Baroda absorbed Dena Bank and Vijaya Bank in 2019.
6. Union Bank of India absorbed Andhra Bank and Corporation Bank in 2020.
7. Canara Bank absorbed Syndicate Bank in 2020.
8. Narasimham Committee I (1991) opened liberalization; Narasimham Committee II (1998) strengthened post-liberalization banking.
9. Nachiket Mor Committee recommendations led to Payment Banks and Small Finance Banks.
10. Urjit Patel Committee (2014) proposed inflation targeting and the Monetary Policy Committee.
11. Bimal Jalan Committee (2018-19) reviewed RBI's Economic Capital Framework.
12. Osborne Smith was RBI's first Governor; C.D. Deshmukh was the first Indian Governor.
13. Benegal Rama Rau remains RBI's longest-serving Governor.
14. Urjit Patel was RBI Governor during the 2016 demonetization.
15. NABARD was established in 1982; SIDBI in 1990.
16. DICGC insures bank deposits up to ₹5 lakh per depositor per bank.
17. UPI was launched by NPCI in 2016.
18. Payment Banks cannot lend or issue credit cards; Small Finance Banks can lend.
19. Basel III norms govern bank capital adequacy and liquidity risk globally.
20. IBC, enacted in 2016, streamlined India's bad-debt resolution process.
21. GST was implemented across India on July 1, 2017.
22. The Indian Constitution was adopted on November 26, 1949, and enforced on January 26, 1950.
23. NITI Aayog replaced the Planning Commission in January 2015.
24. Kanchenjunga is India's highest peak and the world's third highest.
25. India's longest land border is with Bangladesh.
26. Battle of Plassey, 1757, marked British political entrenchment in Bengal.
27. Chandrayaan-3 achieved its south-pole soft landing in August 2023.
28. RAM is volatile memory; ROM retains data without power.
29. BSE, founded in 1875, is Asia's oldest stock exchange.
30. PMJDY launched on August 28, 2014, to expand financial inclusion.

Memory Tables

Rate/Ratio	Held As	Set By
CRR	Cash only, with RBI	RBI
SLR	Govt securities, cash, gold	RBI
Repo	Collateralized short-term loan to banks	RBI/MPC
Reverse Repo	Collateralized short-term borrowing by RBI	RBI

Merger Year	Absorbing Bank	Banks Absorbed
2017	SBI	5 associate banks + Bharatiya Mahila Bank
2019	Bank of Baroda	Dena Bank, Vijaya Bank
2020	PNB	Oriental Bank of Commerce, United Bank of India
2020	Canara Bank	Syndicate Bank
2020	Union Bank of India	Andhra Bank, Corporation Bank

Practice MCQs

Q1. Which committee's recommendations directly led to the creation of Payment Banks and Small Finance Banks in India? (a) Narasimham Committee (b) Nachiket Mor Committee (c) Rangarajan Committee (d) Damodaran Committee

Q2. RBI's Cash Reserve Ratio (CRR) must be maintained by banks in which form? (a) Government securities (b) Gold (c) Cash with RBI (d) Fixed deposits

Q3. How many banks were nationalized in the second wave, on April 15, 1980? (a) 14 (b) 6 (c) 20 (d) 8

Q4. Who was the first Indian Governor of the Reserve Bank of India? (a) Osborne Smith (b) C.D. Deshmukh (c) Benegal Rama Rau (d) I.G. Patel

Q5. Which of the following banks did NOT get merged into another bank during the 2019-2020 consolidation rounds? (a) Dena Bank (b) Syndicate Bank (c) Bank of India (d) Andhra Bank

Q6. The Monetary Policy Committee (MPC) sets India's key policy rate based primarily on which price index? (a) Wholesale Price Index (b) Consumer Price Index (c) Producer Price Index (d) Index of Industrial Production

Q7. DICGC currently insures bank deposits up to what amount per depositor per bank? (a) ₹1 lakh (b) ₹2 lakh (c) ₹5 lakh (d) ₹10 lakh

Q8. NABARD, the apex institution for agricultural and rural credit, was established in which year? (a) 1969 (b) 1980 (c) 1982 (d) 1990

Q9. Which of the following statements about Payment Banks is correct? (a) They can issue credit cards (b) They can lend to customers (c) They cannot lend or issue credit cards (d) They function identically to universal banks

Q10. The Urjit Patel Committee's recommendations formed the basis for which of the following? (a) Priority Sector Lending norms (b) Inflation targeting and creation of the MPC (c) Deposit insurance limits (d) Basel III capital norms

Q11. Which RBI Governor served during the November 2016 demonetization of high-value currency notes? (a) Raghuram Rajan (b) Urjit Patel (c) Shaktikanta Das (d) D. Subbarao

Q12. The Statutory Liquidity Ratio (SLR), unlike CRR, allows banks to hold reserves in which of these forms? (a) Only cash (b) Only foreign currency (c) Government securities and gold, among approved assets (d) Only fixed deposits with other banks

Q13. Which of the following pairs of committee and recommendation is INCORRECTLY matched? (a) Narasimham Committee I – groundwork for banking liberalization (b) Nachiket Mor Committee – Payment Banks and Small Finance Banks (c) Bimal Jalan Committee – RBI Economic Capital Framework review (d) P.J. Nayak Committee – inflation targeting framework

Q14. As of the post-2020 consolidation, how many Public Sector Banks exist in India? (a) 27 (b) 21 (c) 12 (d) 6

Q15. The Reserve Bank of India was nationalized, becoming fully government-owned, with effect from which date? (a) April 1, 1935 (b) January 1, 1949 (c) July 19, 1969 (d) August 15, 1947

Answer Key

Q	Answer	Reason
1	(b)	Nachiket Mor Committee (2013-14) laid the direct groundwork for differentiated banking licenses: Payment Banks and Small Finance Banks.
2	(c)	CRR must be parked as cash with RBI, earning zero interest, unlike SLR's approved-asset flexibility.
3	(b)	The 1980 wave nationalized 6 banks; the larger 1969 wave nationalized 14.
4	(b)	C.D. Deshmukh was the first Indian Governor; Osborne Smith was the first Governor overall, of any nationality.
5	(c)	Bank of India remained a stand-alone Public Sector Bank throughout the 2019-2020 merger rounds.
6	(b)	India's flexible inflation targeting framework anchors policy decisions to Consumer Price Index (CPI) inflation.
7	(c)	DICGC's deposit insurance cover was raised from ₹1 lakh to ₹5 lakh per depositor per bank in 2020.
8	(c)	NABARD was set up in 1982 specifically to focus on agriculture and rural development credit.
9	(c)	Payment Banks can accept deposits and offer payment services but are barred from lending and issuing credit cards.
10	(b)	The Urjit Patel Committee (2014) recommended CPI-based inflation targeting and creation of the MPC.
11	(b)	Urjit Patel was RBI Governor when demonetization was announced on November 8, 2016.
12	(c)	SLR can be held in government securities, cash, and gold, among RBI-approved liquid assets, unlike CRR's cash-only rule.
13	(d)	P.J. Nayak Committee focused on Public Sector Bank governance reform, not inflation targeting, which was the Urjit Patel Committee's domain.
14	(c)	Post the April 2020 mega-merger, India's Public Sector Bank count stands at 12.
15	(b)	RBI was nationalized with effect from January 1, 1949, under the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.