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 It also eliminates the loss of interest on money in the Bank Account, as cash need not be withdrawn frequently.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 Full Answer

Its FREE, you're just one step away


Assertion & Reason Medium Published on 18th 08, 2020
Next Question
Questions 244531
Subjects 8
Chapters 125
Enrolled Students 145
Enroll Now For FREE

Realted Questions

Q1 TRUE/FALSE Medium
State the following statement is True or False:
The principle of insurance under which the compensation paid to the insured which is equal to the actual loss is indemnity.
  • A. True
  • B. False

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q2 Single Correct Medium
Life Insurance Corporation Ltd. is formed under ______________.
  • A. Companies Act, 2013
  • B. Special Act of Parliament
  • C. Both (a) & (b)
  • D. None of these

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q3 TRUE/FALSE Medium
Health Insurance is a safeguard against rising medical costs. 
  • A. True
  • B. False

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q4 Subjective Medium
What are the steps to be taken at the time of taking an insurance policy?

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q5 Single Correct Medium
All types of voice and non voice messaging services are known as ______________.
  • A. Business services
  • B. Telecom services
  • C. Social services
  • D. Personal services

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer