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Reserve Bank of India (Important for all exams )

RESERVE BANK OF INDIA




























Basic Knowledge about RBI

The Reserve Bank of India (RBI) is India's Central Banking Institution, which controls the Monetary Policy of the Indian Rupee.
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.
Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
RBI is an institution of national importance and the pillar of surging Indian economy. It is a member of IMF. Recently, RBI has launched a website named ww.paisaboltahai.rbi.org.in. to raise awareness among masses about fake notes in the market. UPSC has asked several questions regarding RBI functions, objectives, monetary regulations etc. especially in UPSC IAS Prelims Exam.


RBI's Functions

(a) Issue of currency(b) Monetary Authority(c) Developmental role (Mainly in Economy)(d) Managing Foreign Exchange(e) Regulator and administrator of the financial system(f) Banker to The Government(g)  Banker’s bank And Lender of Last Resort(h) Collection and Publication of Data(i)   Regulator and Supervisor of Commercial Banks(j) Clearing House Functions(k) Measures of Credit Control in India
(l) Banker to Banks

Structure

Reserve Bank of India is controlled by a central board of directors.
The Central Board consists of:
Governor
4 Deputy Governors
2 Finance Ministry representatives
4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi
The executive head of RBI is Governor.
The Governor is accompanied by 4 deputy governors.
The First Governor of RBI was Sir Osborne Smith and the First Indian Governor of RBI was CD Deshmukh.

Some Important fact


 The First women deputy Governor of RBI was KJ Udeshi.

The only Prime Minister who was the Governor of RBI was Manmohan Singh.

Issue of currency

The Government of India is responsible for the minting of coins and printing of 1 rupee notes.
RBI is the individual authority in India that can issue bank notes of denomination values of Rs. 2, 5, 10, 20, 50, 100, 2000, 5000 and 10,000.
Contemporary Currency notes have 15 languages in the back side panel.
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.

If you keep these ideas in your mind then you able to crack all question related to RBI, if you thing that this article help you and other also then please share, and you you have any suggestion then please comment on comment box.




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