Banking Awareness 2017 in Simple Language - Lesson 2

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Dear Gr8 Ambitionists, in yesterday's introductory post of Banking Awareness in simple language, we learnt about the Banking System in India. In today's lesson 2, we shall learn the basics of Reserve Bank of India (RBI). In this lesson we are going to learn about the structure of RBI, Important Persons, it's offices, Research Institutes, subsidiaries, training centres and RBI's Publications. Happy Reading :)

Banking Awareness 2017 : Reserve Bank of India (RBI)

Introduction :

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 : 
• B. P. Kanungo (recently appointed on 3rd April 2017)
•  Viral V. Acharya (appointed on 23rd January 2017)
• N. S. Vishwanathan (appointed on 4th July 2016) 
• Offices of RBI :
• RBI has 4 zonal offices :
• Mumbai,
• Kolkata, 
• Chennai, 
• New Delhi.
• RBI has 19 Regional offices :
1. Ahmedabad
2. Bangalore
3. Bhopal
4. Bhubaneswar
5. Chandigarh
6. Chennai
7. Delhi
8. Guwahati
9. Hyderabad
10. Jaipur
11. Jammu
12. Kanpur
13. Kochi
14. Kolkata
15. Lucknow
16. Mumbai
17. Nagpur
18. Patna
19. Thiruvananthapuram
• RBI's Research Institutes 
• 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. 
• RBI's Subsidiaries 
• 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)
• RBI's Training Centres :
• The Reserve Bank staff college at Chennai.
• The college of agricultural banking at Pune.
• RBI's Publications :
• "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 :)

You Can Read the Lesson 1 of Banking Awareness in Simple Language from HERE

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