The Reserve Bank of India is the government body that is responsible for the regulations related to the Indian banking system that functions in the economy. Therefore, the option B holds true.
<h3>What is the significance of government bodies?</h3>
Government bodies can be referred to or considered as the bodies formed and regulated under the control of the central or state government. They get directions of operations from the government authorities.
Formation of government bodies is done in order to bring specialization in the different departments of the functions of the government. As a result, the Reserve Bank of India is responsible for regulating the banking system.
Therefore, the option B holds true and states regarding the significance of the government bodies.
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The question seems to be incomplete. It has been added below for better reference.
Which government body is responsible for the regulation of the Indian banking system?.
A. State Bank of India
B. Reserve Bank of India
C. CBI
D. Securities and Exchange Board of India
