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The Reserve Bank of India (RBI) is the Central Bank of India , and was established on April 1 , 1935 in accordance with the provisions of the Reserve Bank Of India Act , 1934 . Since its inception, it has been headquartered in Mumbai . Though originally privately owned, RBI has been fully owned by the Government Of India since nationalization in 1949 .

RBI is governed by a central board (headed by a Governor ) appointed by the Central Government . The current governor of RBI is Dr.Y.Venugopal Reddy (who succeeded Dr. Bimal Jalan on September 6 , 2003 ). RBI has 22 regional offices across India.

The Reserve Bank of India was set up on the recommendations of the Hilton Young Commission . The commission submitted its report in the year 1926 , though the bank was not set up for nine years.


MAIN OBJECTIVES


  • Monetary Authority:

  • --- Formulates, implements and monitors the monetary policy.

  • --- Objective: maintaining price stability and ensuring adequate flow of credit to productive sectors.


  • Regulator and supervisor of the financial system:

  • --- Prescribes broad parameters of banking operations within which the country's banking and financial system functions.

  • --- Objective: maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public.


  • Manager of Exchange Control:

  • --- 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.


  • Issuer of currency:

  • --- 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 and in good quality.


  • Developmental role

  • --- Performs a wide range of promotional functions to support national objectives.


  • Related Functions

  • --- Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.

  • --- Banker to banks: maintains banking accounts of all scheduled banks.

  • --- Owner and operator of the depository (SGL) and exchange (NDS) for government bonds.


There is now an international consensus about the need to focus the tasks of a
central bank upon central banking. RBI is far out of touch with such a principle,
owing to the sprawling mandate described above.


SEE ALSO



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