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Question No. 146Interactive Test Mode
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Q146. Consider the following statements: 1. In India, credit rating agencies are regulated by the Reserve Bank of India. 2. The rating agency popularly known as ICRA is a public limited company. 3. Brickwork Ratings is an Indian credit rating agency. Which of the statements given above are correct?

Consider the following statements:

  1. In India, credit rating agencies are regulated by the Reserve Bank of India.
  2. The rating agency popularly known as ICRA is a public limited company.
  3. Brickwork Ratings is an Indian credit rating agency. Which of the statements given above are correct?
Select the correct option below (or cross out options to eliminate)

Official Answer Key & Detailed Solution

Ready to check the official UPSC Answer Key?

Click any option above to test yourself under exam conditions, or reveal the explanation directly.

Official UPSC Answer KeyUPSC Prelims 2022 • Indian Economy

Correct Answer: Option (B) — 2 and 3 only

Concept & Option Breakdown

Standard Reference Verified

Statement 1 is incorrect: Credit Rating Agencies (CRAs) in India are regulated by the capital markets regulator, the Securities and Exchange Board of India (SEBI), under the SEBI (Credit Rating Agencies) Regulations, 1999, not by the RBI. Statement 2 is correct: ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was established in 1991 and is an Indian public limited company listed on both the BSE and NSE. Statement 3 is correct: Brickwork Ratings is a SEBI-registered and RBI-recognized Indian domestic credit rating agency alongside CRISIL, ICRA, CARE, and India Ratings.

Elimination Heuristic & Exam Approach

CRAs rate financial market debt securities/instruments traded on capital markets, which naturally places them under SEBI's regulatory ambit rather than RBI's.

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Question Specifications & Syllabus Mapping

Examination & YearUPSC Civil Services Preliminary Examination 2022 (Q146)
Paper & Marking SchemeGS Paper I • 2 Marks (-0.66 Negative for incorrect response)
Syllabus Subject & TopicIndian Economy → Banking & Financial System
Official Answer KeyOption (B) — 2 and 3 only

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Frequently Asked Questions — UPSC Prelims 2022 Q146

What is the official answer for UPSC Prelims 2022 GS Paper I Question 146 (Indian Economy)?

The official UPSC answer key for this 2022 Indian Economy (Banking & Financial System) question is Option (B): "2 and 3 only". Correct attempts carry 2 Marks with -0.66 Negative penalty for wrong answers.

Which UPSC Prelims syllabus topic does this 2022 question belong to?

This question belongs to GS Paper I under the subject "Indian Economy" and micro-topic "Banking & Financial System". You can explore all repeated questions from Banking & Financial System in Acme AI's 3D Prelims PYQ Realm or practice 50 full-length and sectional tests in the APT Prelims Test Series.

How can I solve this Banking & Financial System UPSC Prelims question using option elimination?

CRAs rate financial market debt securities/instruments traded on capital markets, which naturally places them under SEBI's regulatory ambit rather than RBI's.

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