ALL ABOUT RESERVE BANK OF INDIA

·         RBI is the central banking institution which controls the monetary policy of Indian rupee.

·         Started its operation on 1^st April 1935 in accordance with the provision of RBI Act,1934.

·         Nationalized on 1^st January 1949.

·         Member bank of Asian Clearing Union.

·         Promotes financial inclusion policy and is a leading member of the Alliance for Financial Inclusion

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·         Setup based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton–Young Commission.

·         The RBI also acted as Burma's central bank, except during the years of the Japanese occupation of Burma (1942–45), until April 1947.

·         After the Partition of India in 1947, the bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations.

·         The Central Board of Directors is the main committee of the Central Bank. The Board consists of a Governor, and not more than 4 Deputy Governors.

·         An IASofficer can also be appointed as Deputy Governor of RBI and later as the Governor of RBI .

·         Governor :    Raghuram Rajan

·         Deputy Governors :    H.R.Khan

                                    Dr. Urjit Patel

                                    R.Gandhi

                                    S.S.Mundra

    Main Functions : Financial Supervision , Regulator and supervisor of the financial system,  maintain foreign exchange market in India , Currency Issuance and Banker's Bank.