Reserve Bank Of India
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:
2. Regulator and supervisor of the financial system:
3. Manager of Foreign Exchange
4. Issuer of currency:
5. Development role
Related Functions
Students / Parents Reviews [10]
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