| Title |
INDIA - EONOMY -
BANKING - RESERVE BANK OF INDIA |
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Date-wise Events |
- April 01, 1935: RBI
commenced its operations in accordance with the
provisions of the Reserve Bank of India Act, 1934.
- January 01, 1949: RBI was
nationalised on this day.
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Description |
- RBI is India's Central Banking Institution.
- It controls the Monetary Policy of the Indian Rupee.
- The original share capital was divided into shares of
Rs.100 each fully paid, which were initially owned entirely
by private shareholders.
- It plays an important part in the Development Strategy
of the Government of India.
- It is a member bank of the Asian Clearing Union.
- The general superintendence and direction of the RBI is
entrusted with the 21-member Central Board of Directors: the
Governor (Urjit Patel - Jan 2017), 4 Deputy Governors, 2
Finance Ministry representatives, 10 government-nominated
directors to represent important elements from India's
economy, and 4 directors to represent local boards
headquartered at Mumbai, Kolkata, Chennai and New Delhi.
- Each of these local boards consists of 5 members who
represent regional interests, and the interests of
co-operative and indigenous banks.
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