Reserve Bank Of India


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Concept Explanation
 

Reserve Bank Of India

The Reserve Bank Of India: RBI was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Kolkata 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. A central board of directors governs the Reserve Bank's affairs. The Government of India in keeping with the Reserve Bank of India Act appoints the board.

Functions: Its functions include general superintendence and direction of the Bank's affairs (Financial Supervision). The Reserve Bank of India performs this function under the guidance of the Board for Financial Supervision (BFS). The Board was constituted in November 1994 as a committee of the Central Board of Directors of the Rescrve Bank of India.

Objective: Primary objective of BFS is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions and non-banking finance companies.

Main Functions of RBI1. Monetary Authority:

  • It formulates, implements, and monitors the monetary policy.
  • Objective: To maintain price stability and ensuring adequate flow of credit to productive sectors
  • 2. Regulator and supervisor of the financial system:

  • It prescribes broad parameters of banking operations within which the country's banking and financial system functions.
  • Objective: To maintain public confidence in the system, protect depositors' interest and provide cost- effective banking services to the public
  • 3. Manager of Foreign Exchange

  • It manages the Foreign Exchange Management Act, 1999
  • Objective: To facilitate external trade and payment, and promote orderly development and maintenance of foreign exchange market in India
  • 4. Issuer of currency:

  • It issues and exchanges or destroys currency and coins not fit for circulation.
  • Objective: To give the public adequate quantity of supplies of currency notes and coins, in good quality
  • 5. Development role

  • It performs a wide range of promotional functions to support national objectives.
  • Related Functions

  • Banker to the Government:  It peroforms merchant banking funciton for the central and the state governments, also  acts as their banker.
  • Banker to banks: It maintains banking accounts of all scheduled banks.
  • It has  22 regional offices, most of them  in state capitals.
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