Central Bank of India (RBI)

Central Bank of India (RBI) the BOSS of all Banks

RBI, The Central Bank of India controls the entire money-related issue, circulate the entire money issue, circulation and control by its monetary policies and lending policies by periodical updates or corrections to discipline the Indian economy.
The Central Bank of India (RBI) was founded in 1935, which maintains the monetary policy of the national currency, the rupee, and the nation’s currency reserves.
It is also known as the Banker’s bank/Bank of last resort/Government’s bank.

Establishment:

Central Bank of India (RBI) was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the RBI was initially set in Calcutta but was permanently shifted to Mumbai in 1937. Though originally privately owned, since nationalization in 1949, RBI is fully owned by the Government of India.

Main Functions of RBI:

1) Monetary Authority: RBI Formulates implements and monitors the monetary policy of Country.
2) Regulator and supervisor of the financial system: It Prescribes wide framework of banking operations within which the country’s banking and financial system work.
3) Manages the Foreign Exchange:  Central Bank manages the Foreign Exchange Management Act, 1999.
4) An issuer of Currency: It Issues and exchanges or destroys currency and coins which is not fit for circulations.
5) Development role: It Performs a very wide range of promotional functions to support national objectives.
6) Bankers to the Government: It Performs merchant banking function for the central and the state governments; also acts as their banker.
7) Bankers to banks: It maintains banking accounts of all scheduled banks.

Central Board of RBI:

The RBI affairs are governed by a central board of directors. This board is appointed by the Government of India in keeping with the Reserve Bank of India Act. They are appointed/nominated for a period of 4years.

Official Directors:

Full-time: Governor and not more than four Deputy Governors
Currently: 
Dr Urjit R. Patel (Governor)
Shri N. S. Vishwanathan (Deputy Governor)
Dr Viral V. Acharya (Deputy Governor)
Shri B.P. Kanungo (Deputy Governor)

Non-Official Directors:

  • Nominated by Government: 10 Directors from various fields and two government Official.
  • Others: 4 Directors – one each from four local boards.

Currently: 

Dr Nachiket M. Mor

Dr Prasanna Kumar Mohanty

Shri Dilip S. ShanghviShri Dilip S. Shanghvi   

Shri Natarajan Chandrasekaran

Shri Bharat Narotam Doshi

Shri Bharat Narotam Doshi       

Dr Ashok Gulati

Shri Manish Sabharwal

Shri Subhash Chandra Garg

Shri Rajiv Kumar

 Subsidiaries of RBI:

  1. Deposit Insurance and Credit Guarantee Corporation of India(DICGC)
  2. Bharatiya Reserve Bank Note Mudran Private Limited(BRBNMPL)
  3. National Bank for Agriculture and Rural Development (NABARD)
  4. Deposit Insurance and Credit Guarantee Corporation (DICGC)

Points Related To RBI Keep in Mind:

  • Reserve Bank of India Act passed in 1934.
  • Reserve Bank of India (RBI) established on 1 April 1935.
  • Reserve Bank of India (RBI) established on the recommendation of Hilton-Young Commission.
  • RBI is the sole authority in India to issue Bank notes in India.
  • Emblem of RBI: Panther and Palm Tree.
  • Chintaman Dwarkanath Deshmukh (C D Deshmukh) was the governor of RBI at the Time of nationalization of RBI in 1949.
  • 1st women Deputy Governor of RBI -K.J.Udeshi.
  • RBI is not expected to perform the function of accepting deposits from the general public
  • The first Governor of the Reserve Bank of India from 01.04.1935 to 30.06.1937 was Sir Osborne Smith
  • RBI decides the following rates namely; Bank rate, repo rate, reverse repo rate and cash reserve ratio.

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