Reserve Bank of India
RBI is the central Bank of India it founded in 1935, and controls the entire money issue, circulation and control by its monetary policies and lending policies. RBI Also Know As : (Govt. Bank Apex Bank, Lender of Last Resort )
Present Governor :- Urjit Patel
Four Deputy Governors
Shri B.P. Kanungo
Dr. Viral V. Acharya
Shri N. S. Vishwanathan
Shri S. S. Mundra
Other Important facts related to RBI:
- Reserve Bank of India Act passed in 1934.
- Reserve Bank of India (RBI) established on 1 April 1935.
- Reserve Bank of India (RBI) established on the recommendation of Hilton-Young Commission.
- RBI is the sole authority in India to issue Bank notes in India.
- Emblem of RBI: Panther and Palm Tree.
- Chintaman Dwarkanath Deshmukh (C D Deshmukh) was the governor of RBI at the Time of nationalization of RBI in 1949.
- 1st women Deputy Governor of RBI -K.J.Udeshi.
- RBI is not expected to perform the function of accepting deposits from the general public
- The first Governor of the Reserve Bank of India from 01.04.1935 to 30.06.1937 was Sir Osborne Smith
- RBI decides the following rates namely; Bank rate, repo rate, reverse repo rate and cash reserve ratio.
MAIN FUNCTIONS OF RBI:
1) Monetary Authority: Formulates implements and monitors the monetary policy.2) Regulator and supervisor of the financial system: Prescribes broad parameters of banking operations within which the country’s banking and financial system functions.
3) Manager of Foreign Exchange: Manages the Foreign Exchange Management Act, 1999.
4) Issuer of Currency: Issues and exchanges or destroys currency and coins not fit for circulations.
5) Development role: Performs a wide range of promotional functions to support national objectives.
6) Bankers to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.
7) Bankers to banks: maintains banking accounts of all scheduled banks.
Subsidiary Organizations of RBI
1. National Housing Bank[show_more]Information about NHB
The idea was first thought of during the period of Seventh five year plan (1985-90) and a committee was set up under the chairmanship of Dr C Rangrajan to develop the idea
• NHB came into existence on 9th July, 1988 as the apex body for housing finance in the country
• It aims to provide long term finance to all segments of the society so that everybody can own a house
• The organization is headquartered in New Delhi
• Apart from finance for housing, it gives money buying for housing materials, regulates the housing finance institutions, facilitates acquisition of land from public organizations
• Shri Sriram Kalyanraman has recently been appointed as the new MD & CEO of the bank
2. Deposit Credit and Guarantee Corporation[show_more] Information about DCGC
• Oldest of the three subsidiaries
• DICGC came into existence in 1978 after the Credit Corporation of India (formed in 1971) and Deposit Corporation of India (formed in 1961) were merged together
• It aims to provide insurance cover to all the deposits maintained in banks (both commercial and cooperative) up to a limit of 100000/- per individual.
• State/central govt deposits, Foreign govt deposits, interbank deposits are excluded. The banks pay the premium for the insurance cover
• It also provides credit guarantee to banks for giving loans to priority sector as notified by RBI (Housing loans are excluded)
• The corporation is headed by a governing body consisting of chairman (usually a deputy governor of RBI) and directors from RBI, Central govt nominated members.
3. Bharatiya Reserve Bank Note Mudran Private Limited [show_more]
• Established in 1995 by RBI
• The objective is to supply bank notes according to the demand of the public
• Headquartered in Bangalore and manages two presses: One in Mysore, Karnataka and another in Salboni, West Bengal
Click here To Know More About :- List of RBI Governors Head Quarter quarter & zonal offices, sub-offices