---RESERVE BANK OF INDIA --- 01. Reserve Bank of India is the central bank of the country 02. RBI was established on 1.4.1935 on the recommendations of Hilton Young commission 03. RBI was nationalized during the year 1949 04. The main functions of the bank are to - To regulate the issuing of bank notes - Keep the reserves with a view to securing monetary stabi...lity in the country - To operate the currency and credit system of the country to its advantage 05. The Royal Commission on Indian currency and finance recommended creation of a central bank of India during 1926. 06. The Reserve Bank commenced operations as India’s central bank on April 1 as a private shareholders bank with a paid up capital of rupees five crore. 07. BI is managed by central board of directors 08. The board consists of 20 members 09. Besides Governor and four deputy governors, four directors are nominated, each by the four local boards 10. Besides ten directors, one government officer are nominated by the government of India 11. Initially the central office was located at Kolkatta 12. The central office of RBI was permanently shifted to Mumbai during 1937 13. Since 1949, RBI is owned by Government of India 14. The functions of RBI can be classified into - Traditional functions - Developmental functions - Regulatory functions 15. The traditional functions can be further classified into central banking functions and general banking functions 16. The central banking functions are classified into - Issue of paper currency - Regulation of credit - Banker of banks and lender of the last resort - Banker of the government - Foreign exchange management - Miscellaneous functions – export assistance, clearing house functions, change of currency, transfer of currency, publication of statistics and other information, conducting training in banking.
Posted on: Mon, 25 Nov 2013 11:16:41 +0000
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