Banking Awareness 2016 : Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is India's Central Banking Institution, which controls the monetary policy of the Indian rupee.
Important Points to Note :
- Started in : 1st April 1935 under RBI Act 1934
- Nationalized in : 1st January 1949
- It was established on recommendation of Hilton Young Commission.
- It is statutory body and its accounting year is from July to June.
Structure of RBI
- The central board of directors is the main committee of RBI.
- It consists of total 21 members. Including Governor and deputy governors.
- Governor : Urjit Patel
- Pate became 24th Governor of the Reserve Bank of India (RBI) from September 2016.
- He was appointed on the recommendations of Financial Sector Regulatory Appointment Search Committee (FSRASC).
- He is 8th deputy governor in RBI's history to be made its governor.
- He also worked as the Former Chief Economist of International Monetary Fund (IMF).
- Deputy Governors :
- N. S. Vishwanathan
- Recently appointed on 4th July 2016.
- He replaced H. R. Khan.
- S. S. Mundra
- R. Gandhi
- Offices of RBI :
- RBI has 4 zonal offices :
- New Delhi.
- RBI has 19 Regional offices :
- NIBM (National Institute of Bank Management) at Pune
- IGIDR (Indira Gandhi Institute of Development Research) at Mumbai.
- IDRBT (Institute for Development and Research in Banking Technology) at Hyderabad.
- NHB (National Housing Bank)
- NABARD (National Bank of Agriculture and Rural Development)
- DICGC (Deposit Insurance and Credit Guarantee Corporation)
- BRBNMPL (Bhartiya Reserve Bank Note Mudran Private Limited)
- The Reserve Bank staff college at Chennai.
- The college of agricultural banking at Pune.
- "Trend and Progress of Banking in India" is published annually as required by the Banking Regulation Act of 1949.
- Other publications are Financial Stability Report, Report on Currency & Finance, Monetary Policy Report & Handbook of Statistics on Indian Economy.
That's all for now friends. In our next lesson, we shall learn about the Functions of RBI. Happy Reading :)