The Reserve Bank of India was founded on 1 April 1935 to respond to economic troubles after the First World War. Reserve Bank of India-10 Rupees (1938), the first year of banknote issue. "to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth." History The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as: However, exception is given to the Regional Banks and the SBI branches located in the rural areas but a strong room is compulsory. The RBI makes it mandatory for all the banks in India to have a safe box in their own respect strong room. The RBI Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by the central bank. According to RBI, the scheme will allow retail investors to open and maintain their government securities account free of cost. The RBI Retail Direct Scheme is targeted at retail investors to invest easily in government securities. The two new schemes include the RBI Retail Direct Scheme and the Reserve Bank Integrated Ombudsman Scheme. On 12 November 2021, the Prime Minister of India, Narendra Modi, launched two new schemes which aim at expanding investments and ensuring more security for investors. The bank is often referred to by the name 'Mint Street'. The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI). ![]() It is a member bank of the Asian Clearing Union. Each of these local boards consists of five members who represent regional interests and the interests of co-operative and indigenous banks. The overall direction of the RBI lies with the 21-member central board of directors, composed of: the governor four deputy governors two finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary) ten government-nominated directors and four directors who represent local boards for Mumbai, Kolkata, Chennai, and Delhi. Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949. The original share capital was divided into shares of 100 each fully paid. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934. Until the Monetary Policy Committee was established in 2016, it also had full control over monetary policy in the country. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks. The RBI established the National Payments Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. ![]() Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in three of its currency printing presses located in Nashik ( Maharashtra Western India), Dewas ( Madhya Pradesh Central India), and Mysore ( Karnataka Southern India). It also manages the country's main payment systems and works to promote its economic development. It is responsible for the control, issue and maintaining supply of the Indian rupee. It is under the ownership of Ministry of Finance, Government of India. The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. JSTOR ( February 2022) ( Learn how and when to remove this template message). ![]() Unsourced material may be challenged and removed.įind sources: "Reserve Bank of India" – news Please help improve this article by adding citations to reliable sources. ![]() This article needs additional citations for verification.
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