All about Reserve Bank of India
The Reserve Bank of India(RBI, Hindi:भारतीय रिज़र्व बैंक) is India's central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act,1934. The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders.Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949.
RBI Chronology :
1926 - Hilton and Young Commission
1934 - RBI Act passed
1935 - RBI Started April 1
1937 - RBI Head Quarter shifted to Mumbai from Kolkata
1947 - RBI Official News paper " News Letter " started
1947 - RBI working as Reserve Bank of Burma Until 1947
1948 - RBI working as Reserve Bank of Pakistan Until 1948
1949 - RBI Nationalized Under Public Ownership Act 1948
1949 - Banking Regulation Act
RBI Office :
1. RBI have 4 Local bodies , Mumbai , Kolkata, Chennai and New Delhi .
2. Number of Governors - Governor ( Raghuram Rajan ) + 4 Dy.Governors ( S.S.Mundra,R.Gandhi,H.R.Khan and Urjit Patel)
3. Governors and Dy.Governors appointed by Central Government for a period of not more than 5 years .
4. Each local body consists 4 members and appointed by Central for 4 period of 4 years .
5. Number of RBI Departments - 26
6. Number of Regional Offices - 29
7. Central Board of Directors conduct at least 6 meetings in a financial year .
8. RBI staff college - Chennai
9. The College of Agriculture( RBI - Pune
10. National Institute of Bank Management - Pune
11. Institute for Development and Research in Banking Technology - Hyderabad
Functions of RBI :
1. Bankers of The Banker .
2. Banker of The Government.
3. Provision of Agriculture and Industrial Credit.
4. Control of Credit.
5. Clearing House Functions.
6.Custodian of Foreign Reserves.
7. Promotion of An Efficient Financial System
Important Governors of RBI :
1. First Governor - Sir Osborne Smith
2. Second Governor - James Braid Taylor
3. Third Governor - C. D. Deshmukh ( First Indian Governor)
4. 15th Governor - Manmohan Singh
5. Present and 23rd Governor - Raghuram Rajan