>>> RESERVE BANK OF INDIA Keep the reserves with a view to securing monetary stability in the country ~> To operate the currency and credit system of the country to its advantage 5. The Royal Commission on Indian currency and finance recommended creation of a central bank of India during 1926 6. 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 7. The Reserve Bank stopped acting as banker to the Government of Burma 8. The Reserve Bank stopped rendering central banking services to Pakistan 9. The Government of India nationalized the Reserve Bank under the Reserve Bank (transfer of public ownership) act 1948 10. RBI is managed by central board of directors 11. The board consists of 20 members 12. Besides Governor and four deputy governors, four directors are nominated, each by the four local boards 13. Besides ten directors, one government officer are nominated by the government of India 14. The Reserve Bank of India was established on 1.4.1935 in accordance with the provisions of the RBI act 1934 15. Initially the central office was located at Kolkatta.
Posted on: Sat, 24 Aug 2013 17:04:56 +0000