What is RBI? Learn more interesting things about RBI

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Expert Talks


The Reserve Bank of 

India is the central bank of the country, which was founded on April 1, 1935.




The Reserve Bank of India performs the supervisory function under the guidance of the Board for Financial Supervision (BFS), which undertakes consolidated supervision of the financial sector comprising Scheduled Commercial and Co-operative Banks, All India Financial Institutions, Local Area Banks, Small Finance Banks, Payments Banks, Credit Information Companies, Non-Banking Finance Companies and Primary Dealers.


History

* The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission.

* The Bank was constituted to regulate the issue of banknotes, maintain reserves with a view to securing monetary stability and operate the credit and currency system of the country to its advantage. 

* The Bank began its operations by taking over from the Government the functions so far being performed by the Controller of Currency and from the Imperial Bank of India & the management of Government accounts and public debt.


What is RBI?

* RBI regulates the issue of Bank notes and takes care of the reserves with a view to securing monetary stability in India.

* It operates the currency and credit system of the country to its advantage.

* It focuses on modern monetary policy framework to meet the challenge of an increasingly complex economy, with a view to maintaining price stability.

* It introduces and upgrades safe and efficient modes of payment systems in the country to meet the requirements of the public at large.

* It manages the Foreign Exchange Management Act, 1999, with an aim to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.

* It issues and exchanges or destroys currency and coins not fit for circulation, with an objective to give the public adequate quantity of supplies of currency notes and coins and in good quality.

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