Latest Identifier – Reaserve bank of India Official app
The Reserve Bank of India (RBI) is India’s central bank, which controls
the issue and supply of the Indian rupee. News RBI is the regulator of
the entire Banking in India. RBI plays an important part in the
Development Strategy of the Government of India.
RBI regulates commercial banks and non-banking finance companies working
in India. It serves as the leader of the banking system and the money
market. It regulates money supply and credit in the country also.
The RBI carries out India’s monetary policy and exercises supervision
and control over banks and non-banking finance companies in India. RBI
was set up in 1935 under the Reserve Bank of India Act,1934 also.
Until the Monetary Policy Committee was established in 2016, it also
controlled monetary policy in India. It commenced its operations on 1
April 1935 in accordance with the Reserve Bank of India Act, 1934 also.
It is a member bank of the Asian Clearing Union. two finance ministry
representatives (usually the Economic Affairs Secretary and the
Financial Services Secretary); ten government-nominated directors to
represent important elements of India’s economy also;
and four directors to represent local boards headquartered at Bombay,
Calcutta, Madras and the capital New Delhi. Each of these local boards
consists of five members who represent regional interests, the interests
of co-operative and indigenous banks.
The central bank is an independent apex monetary authority which
regulates banks and provides important financial services like storing
of foreign exchange reserves, control of inflation, monetary policy
report till August 2016 also.
The functions of a central bank may vary from country to country and are
autonomous or body and perform or through another agency vital monetary
functions in the country also.
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