Identifier – Reaserve bank of India Official app
Latest Identifier – Reaserve bank of India Official app
The Reserve Bank of India (RBI) is India’s central bank, which controls the issue and supply of the Indian rupee. News RBI is the regulator of the entire Banking in India. RBI plays an important part in the Development Strategy of the Government of India.
RBI regulates commercial banks and non-banking finance companies working in India. It serves as the leader of the banking system and the money market. It regulates money supply and credit in the country also.
The RBI carries out India’s monetary policy and exercises supervision and control over banks and non-banking finance companies in India. RBI was set up in 1935 under the Reserve Bank of India Act,1934 also.
Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934 also.
It is a member bank of the Asian Clearing Union. two finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary); ten government-nominated directors to represent important elements of India’s economy also;
and four directors to represent local boards headquartered at Bombay, Calcutta, Madras and the capital New Delhi. Each of these local boards consists of five members who represent regional interests, the interests of co-operative and indigenous banks.
The central bank is an independent apex monetary authority which regulates banks and provides important financial services like storing of foreign exchange reserves, control of inflation, monetary policy report till August 2016 also.
The functions of a central bank may vary from country to country and are autonomous or body and perform or through another agency vital monetary functions in the country also.
A central bank is a vital financial apex institution of an economy and the key objects of central banks may differ from country to country still they perform activities and functions with the goal of maintaining economic stability and growth of an economy also.
The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI) also.