The Reserve Bank of India


 
 
Concept Explanation
 

The Reserve Bank of India

The Reserve Bank of India: 

Every country has its own central bank that acts as the overall regulatory authority. Reserve Bank of India (RBI) is the central bank of the country and is different from Central Bank of India, which is only one of the scheduled commercial banks. The Reserve Bank of India (RBI) is India's Central Banking Institution, which controls the monetary policy of the Indian rupee.

  • Started: 1 April 1935 under RBI Act 1934
  •  Nationalised : 1 January 1949
  • India Govt. is the biggest borrower of RBI.
  • It was established on recommendation of Hilton Young Commission.
  • It is a statutory body and its accounting year is from July to June.
  • RBI brings out annual update of its law on 1 July every year.
  • The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

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    Sample Questions
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    Question : 1

    Banking in India is controlled by which of the following ?

    Right Option : C
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    Question : 2

    As per RBI directives, which of the following areas/functions cannot be outsourced by banks?

    Right Option : A
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    Explanation
    Question : 3

    The Reserve Bank of India was established in ______________-

    Right Option : B
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