20 Most Important Facts about RBI
RBI is the central banking Institution, which controls the monetary policy of India. RBI commenced its operation on 1st April 1935 to respond to economic trouble after the First World War in accordance with the provisions of the RBI Act 1934.
2- RBI is a member of Bank of Asian Clearing Union.
3- RBI is entrusted with 21 member central board of directors.
4- RBI Current Governor- Mr. Urjit Patel
4 Current Deputy Governor- Dr. Viral V. Acharya
Mr. N.S. Vishwanathan
Mr. S.S. Mundra
Mr. R. Gandhi
2 Finance Minister representative-
10 government nominated directors
4 Director to represent local brands of headquarter at Mumbai, Kolkata, Chennai and New Delhi.
5- First Governor of RBI was Sir Osborne Smith
6- First India governor of RBI was Mr. C.D. Deshmukh.
7- RBI can issue notes up to 10,000.
8- RBI is also referred as Mint Street.
9- RBI was set up on the recommendation of the 1926 Royal Commission on Indian Currency and Finance also known as Hilton – Young Commission.
10- The seal of RBI was east India Company double Mohr with sketch of Lion and Palm tree later the lion was replaced by Tiger as Tiger is national animal of India.
11- The central office of RBI was established in Calcutta (Now Kolkata) but was moved to Bombay (Now Mumbai) in 1937.
12- The RBI also acted as Burma’s Central Bank until 1947 (except 1942-1945).
13- RBI has also served as Central Bank of Pakistan until June 1948.
14- In 1969, Indira Gandhi nationalized 14 major commercial Banks further she nationalized 6 banks in 1980.
15- RBI founded subsidiary company BHARTIYA RESERVE BANK NOTE MUDRAN Pvt. Ltd. on Feb 1995 to produce bank notes.
16- The Security Printing & Minting Corporation of India Ltd. a merger of 9 institutions was found in 2006 to produce bank notes and coins.
17- RBI has 4 Zonal offices at Mumbai, Kolkata, Delhi and Chennai, 19 regional offices and 11 sub offices.
18- RBI has 3 autonomous institutions- 1. National Institute of Bank Management (NIBM) 2. Indira Gandhi Institute of Development and Research (IGIDR) 3. Institute of Development and Research in Banking Technology (IDRBT)
19-The Tarapore Committee was setup by RBI under the chairmanship of S. S. Tarapore to, “Lay The Road Map“ to capital account convertibility.
20- Functions of RBI:
- Monetary authority of India.
- Issue of currency.
- Banker’s bank.
- Banker to government.
- Maintenance of exchange stability.
- Regulation of credit and foreign exchange.
- Handling of some subsidiary system.
- Regulation of banking system.
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