Commercial banks are allegedly defying a Reserve Bank of India instruction to run a post-shipment export credit denominated in foreign currency at international rates starting in January this year, according to exporters in the capital. Actions to be taken: The officers involved in the commercial banks will be suspended. Commercial banks should be asked to stop receiving such directions from the RBI.
A. Only I follows
B. Only II follows
C. Either I or II follows
D. Neither I nor II follows
Answer:D
Commercial banks are allegedly defying a Reserve Bank of India instruction to run a post-shipment export credit denominated in foreign currency at international rates starting in January this year, according to exporters in the capital. Actions to be taken: The officers involved in the commercial banks will be suspended. Commercial banks should be asked to stop receiving such directions from the RBI.
A. Only I follows B. Only II follows C. Either I or II follows D. Neither I nor II follows
Explanation: The announcement indicates that commercial banks have disobeyed a directive issued by the Reserve Bank of India. The only solution is for the banks to comply with the Act.