Reserve Bank of India

Hello Students, today we are going to discuss points about Reserve Bank of India.

1. RBI is the central banking institution, which controls the monetary policy of the Indian rupee.
2. RBI was established on 1st April 1935, under the Reserve Bank of India Act, 1934.
3. RBI was conceptualized based on the guidelines presented by Dr. Ambedkar in his book titled “The Problem of the Rupee – Its origin and its solution”.
4. RBI was set up based on the recommendation of “Royal Commission on Indian Currency & Finance” in 1926. This commission was also known as Hilton Young Commission.
5. RBI was nationalized on 1st January 1949.
6. The emblem of RBI is Panther and Palm tree.
7. RBI’s logo was derived from East India Company Double Mohur with the sketch of the Lion and Palm Tree; however, the lion was replaced by the tiger, the latter being regarded as the more characteristic animal of India.
8. RBI is fully owned by the Government of India.
9. RBI is a member bank of the Asian Clearing Union.
10. The Central Office of RBI was initially established in Calcutta and then permanently moved to Mumbai in 1937.
11. RBI is controlled by a central board of directors.
12. The directors are appointed for a 4 year term by the Government of India in keeping with the Reserve Bank of India Act.
13. The general superintendence and direction of the RBI is entrusted with 21-member Central Board of Directors.
14. The Central Board consists of 21 members.

• • Governor
  • 4 Deputy Governors
  • 2 Finance Ministry representatives
  • 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi
  • 10 government-nominated directors to represent important elements from India’s economy

15. RBI has four zonal offices :
    1. New Delhi for North
    2. Chennai for South
    3. Kolkata for East and
    4. Mumbai for West.
16. The Reserve Bank of India has 19 regional offices and 11 sub-offices at present.
17. The executive head of RBI is Governor.
18. The Governor is associated by 4 deputy governors.
19. The bank has two training colleges for its officers:
    1. Reserve Bank Staff College at Chennai
    2. College of Agricultural Banking at Pune
20. RBI is not a Commercial Bank.
21. The First Governor of RBI was Sir Osborne Smith (1935 – 1937).
22. The First Indian Governor of RBI was CD Deshmukh (1943 – 1949).
23. The only Prime Minister who was the Governor of RBI was Manmohan Singh (1982 – 1985).
24. The First women deputy Governor of RBI was KJ Udeshi.
25. RBI has launched a website named https://paisaboltahai.rbi.org.in  to raise awareness among masses about fake notes in the market.
26. RBI regulates the credit and currency system in India.
27. Each banknote has its amount written in 17 languages. The denomination is written in English and Hindi. On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India.
28. RBI is a member of IMF (International Monetary Fund).
29. The Government of India is responsible for minting of coins and printing of 1 rupee notes.
30. RBI is the only sole authority in India that can issue bank notes of denomination values of Rs. 2, 5, 10, 20, 50, 100, 1000, 5000 and 10,000.
31. RBI can issue currency notes as much as the country requires, provided India has the security deposit of Rs. 200 Crores, out of which 115 crores must be in gold and 85 crores must be in forex reserves.