Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is the central banking institution of India, which was established on April 1, 1935. The RBI is responsible for regulating the monetary policy of the Indian economy, supervising and regulating the banking sector, and issuing currency notes.
Here are some key facts and figures about the Reserve Bank of India:
• The headquarters of the Reserve Bank of India is located in Mumbai, India.
• The current Governor of the RBI is Shaktikanta Das.
• The Monetary Policy Committee (MPC) is responsible for setting the benchmark interest rate in India. The MPC comprises six members, including the Governor of the RBI, who serves as its chairman.
• The authorized capital of the Reserve Bank of India is Rs. 5,000 crore and its paid-up capital is Rs. 100 crore.
• The Reserve Bank of India is responsible for issuing and controlling the supply of Indian currency notes.
• The Reserve Bank of India acts as the depository of India's foreign exchange reserves, which stood at US$564.1 billion as of December 2022.
• The Reserve Bank of India is the regulator of the banking sector in India. It supervises the functioning of commercial banks, co-operative banks, and regional rural banks in the country.
• Reserve Bank of India is spread over 31 different locations in India. It is headquartered in Mumbai. Most of the RBI offices are located in state capitals.
• RBI has 19 regional offices and 4 zonal offices.
• The first Governor of RBI was Sir Osborne Smith.
• The first Indian Governor of RBI was CD Deshmukh.
• The only Prime Minister who was the Governor of Reserve Bank of India was Dr. Manmohan Singh.
• The bank has four training colleges for its officers namely, RBI Academy, College of Agricultural Banking, Reserve Bank of India Staff College and Institute for Development and Research in Banking Technology (IDRBT).
• RBI was nationalised on 1st January 1949.
• RBI was set up based on the recommendation of “Royal Commission on Indian Currency & Finance” in 1926. This commission was also known as Hilton Young Commission.
• The emblem of RBI is Panther and Palm tree. The RBI logo was inspired from the East India Company's Double Mohur logo.
• The financial year of RBI starts from 1st Aril to 31st March. Earlier it was from 1st July to 30th June.
• K. J. Udeshi is the first woman to become the deputy governor of RBI.
• RBI runs a Monetary Museum in the premises of the Mumbai Head Office.
• The Reserve Bank's affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.
• In RBI, not more than four Deputy Governors can be appointed at a time.