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    Question

    RBI is India’s central Bank. What is the central bank and monetary authority of USA is?

    A 1) Reserve Bank of USA Correct Answer Incorrect Answer
    B 2) Bank of America Correct Answer Incorrect Answer
    C 3) Federal Reserve Correct Answer Incorrect Answer
    D 4) State Bank of USA Correct Answer Incorrect Answer
    E 5) Bank of USA Correct Answer Incorrect Answer

    Solution

    The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act in response to a series of financial panics (particularly the panic of 1907) that showed the need for central control of the monetary system if crises are to be avoided

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