Short Note On RBI

India’s Central Bank which controls monetary policy of India

Started on 1st April 1935 during British Rule on the recommendations of Hilton Young Commission
Nationalised on 1st January 1949

Structure:
1 Governor(Urjit Patel)
4 Deputy Governors
>SS MUndra
>BP Kanunga
>Viral Acharya
>NS Vishwanathan
2 Finance Ministry Representatives
10 Govt Nominated Directors to represent important elements of Indian Economy
4 Directors to represent local board headquarted at Delhi, Mumbai, Chennai and Kolkata

Branches:
4 Zonal Offices at Mumbai, Delhi, Chennai and Kolkata
19 regional Offices and 11 Sub Offices

Four Subsidiaries:
> National Housing Bank
> NABARD
> DICGC
> BRBNMPL(Bharatiya Reserve Bank Note Mudran Pvt Ltd)

Symbol: Panther and Palm Tree

1st Governor of RBI: Sir Osborne Smith
CD Deshmukh was governor at the time of nationalization of RBI

Functions:
1. FINANCIAL SUPERVISION:
The supervision of Commercial Banks and NBFC’s

2. MONETARY AUTHORITY:
Implements and monitors the monetary policy

3. MANAGER OF FOREIGN EXCHANGE:
Manages FEMA(Foreign Exchange Management Act 1999)

4. ISSUER OF CURRENCY:
Issue, Exchage and Destroy Currency

5. DEVELOPMENTAL ROLE:
Provides a wide range of promotional functions to support national objectives and industries

6. BANKER’S BANK:
Here the commercial banks are account holders and can deposit money

7. DETECTION OF FAKE CURRENCY:
Through initiatives like www.paisaboltahai.rbiorg.in

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