Business Studies
ASSERTION

Use of paper money is replaced by plastic money. The future will see the electronic money clearance through satellite networking.

REASON

RBI is encouraging e-banking.


ANSWER

Both Assertion and Reason are correct and Reason is the correct explanation for Assertion


SOLUTION
Plastic money has been replacing the cash for various reasons. One of the major reasons is that the plastic card can be used almost everywhere. The number of card-swiping terminals has gone up drastically. It also eliminates the loss of interest on money in the Bank Account, as cash need not be withdrawn frequently. The trend in the use of plastic money leads to further development, which could be a satellite networking.
RBI, being the banker's bank, encourages the use of electronic banking to achieve a 'cash-less' society as it facilitates safe, secure transactions for an enhanced user experience.

Hence it can be said that plastic money is replacing the paper money with the help of e-banking measures laid down by RBI.
View Answers

You're just one step away

Create your Digital Resume For FREE on your name's sub domain "yourname.wcard.io". Register Here!


Assertion & Reason Medium Published on 18th 08, 2020
Next Question
Questions 244531
Subjects 8
Chapters 125
Enrolled Students 199
Enroll Now For FREE

Realted Questions

Q1 Single Correct Medium
Commercial banks introduced credit card facility in the early _______.
  • A. 1950's
  • B. 1960's
  • C. 1970's
  • D. 1980's

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q2 TRUE/FALSE Medium
State whether the following statement is True or False.
A letter without a date is complete.
  • A. True
  • B. False

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q3 TRUE/FALSE Medium
State the following statement is True or False:
At the event of loss, insurance policy holders submit a claim.
  • A. True
  • B. False

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q4 Single Correct Medium
IMPS transactions can be done in which of the following way(s)?
  • A. Using Mobile number & MMID (P2P)
  • B. Using Account number & IFS Code (P2A)
  • C. Using Aadhaar number (ABRS)
  • D. All of the above

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q5 Single Correct Medium
Services are ___________ in nature.
  • A. Intangible
  • B. Inconsistent
  • C. Inseparable
  • D. All of the above

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer