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 Reserve Bank of India, RBI
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Reserve Bank of India or RBI was established in 1935 under the Reserve Bank of India Act 1934 with central office in Calcutta. The Office was permanently moved to Mumbai in 1937. The Governor of RBI Bank India renders his duties from the Reserve Bank of India Mumbai office. Even the RBI bulletin, circulars and other policies are formulated here. Initially RBI bank was privately owned. After nationalization of Banks in India in 1949, the Government of India took over the ownership rights of RBI.
A Board for Financial Supervision (BFS) was constituted in 1994 that guides the Reserve Bank of India on various policies and bulletins. It supervises commercial banks, financial institutions and all non-banking finance Companies in India . The primary function of Reserve Bank of India is to formulate, implement and monitor the various monetary policies in India. This function of the RBI enables it to maintain price stability and appropriate credit flow. Reserve Bank of India keeps a check on inflation in the finance sector in India.
Reserve Bank of India is responsible for managing the Foreign exchange in India under the Foreign Exchange Management Act 1999. The RBI provides Exchange rates for various foreign currencies. Apart from Reserve Bank of India Exchange rates and Foreign exchange functions, issuance of currency and destroying unfit currency notes and coins is also done by RBI Bank India.
RBI acts as a merchant bank for the Central and State governments besides functioning as their official banker. RBI is also a Bank for Banks as it maintains the Banking accounts for various Scheduled Banks.
The regional RBI circulars and bulletins are distributed through 22 regional offices of Reserve Bank of India mentioned on RBI.gov.in – the Reserve Bank of India official website. Apart from this, the Reserve Bank of India site also gives list of training establishments by RBI. The fully owned subsidiaries of Reserve Bank of India only add to the various functionalities of the bank.
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These include:
- National Housing Bank (NHB)
- Deposit Insurance and Credit Guarantee Corporation of India(DICGC)
- Bharatiya Reserve Bank Note Mudran Private Limited(BRBNMPL)
Along with these RBI subsidiaries, Reserve Bank of India has majority stake in National Bank for Agriculture and Rural Development (NABARD) .Recently RBI divested its majority stake in the State Bank of India to the GOI. For further information on the constitution of RBI, getting info on Reserve Bank of India Exchange Rates and the various RBI bulletin and circulars, visit the Reserve Bank of India site.
Website: http://www.rbi.org.in/home.aspx
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