Recently RBI has completed its 90 years, with reference to this which of the following statements is correct?
1
The Reserve Bank of India was nationalized in the year 1949, following the recommendations of the Hilton Young Commission.
2
The RBI has the sole right to issue banknotes of all denominations except one rupee notes which are issued by the Ministry of Finance
3
The RBI acts as the banker's bank, but does not hold the accounts of the central and state governments.
4
Under the Foreign Exchange Management Act (FEMA), 1999, the RBI is empowered to handle the foreign exchange market in India but does not have the authority to deal with capital flows.