Explain central bank as banker of …
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Yogita Ingle 5 years, 5 months ago
Central bank functions as a banker to the government - both central and state governments. It carries out all banking business of the government. Government keeps their cash balances in the current account with the central bank. Similarly, central bank accepts and makes payment on behalf of the government.
Also central bank carries out exchange, remittance, and other banking operations on behalf of the government. Central bank gives loans and advances to governments for temporary periods, as and when necessary and it also manages the public debt of the country. At the same time, central government can borrow any amount of money from RBI by selling its rupees and securities to the later.
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