What is RBI, Functions of RBI (Monetary and Non-Monetary Functions), Minimum Reserve system maintained by RBI pdf file free download

What is RBI?

                    

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Reserve Bank of India is India’s Central Bank which controls the monetory policy. It was established on 1^st April 1935 under RBI Act 1934 and Nationalised on 1^st January 1949  under RBI Nationalization Act 1949. The Central Office was first established in Calcutta & later moved permanently to Mumbai in 1937.

First Governor of RBI was Sir Osborne Smith and first Indian RBI Governor was Sir C.D.Deshmukh.

Central Board:

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.

  Ø  Appointed/nominated for a period of four years

  Ø  Constitution:

             1.    Official Directors:

                  ·         Full-time : Governor and not more than four Deputy Governors

             2.    Non-Official Directors:

                  ·         Nominated by Government: ten Directors from various fields and two government Officials

                  ·         Others: four Directors - one each from four local boards (i.e Mumbai, Calcutta, Chennai, New Delhi)

Financial supervision:

The Reserve Bank of India performs this function under the guidance of the Board for Financial Supervision (BFS). The Board was constituted in November 1994 as a committee of the Central Board of Directors of the Reserve Bank of India. Primary objective of BFS is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions and non-banking finance companies.

RBI Offices: 19 Regional Offices & 9 SubOffices.

Subsidiaries:

Fully owned: Deposit Insurance and Credit Guarantee Corporation of India(DICGC), Bharatiya Reserve Bank Note Mudran Private Limited(BRBNMPL)

RBI Functions:

  

  Ø  Monetory Functions:

            1.    Control and regulation of Money & Credit.

            2.    Control of forex (foreign Exchange) reserves.

                  ·         Hard Currency (US $, Europian Euro, British Pound, Japanese Yang)

                  ·         Gold

                  ·         Special Drawing Rights of IMF.

            3.    Soul authority to issue currency of Rs 2 and above.

            4.    Banker to the government (both State and Central government).

            5.    Banker’s Bank (of all scheduled banks).

            6.    Lender of the last resort.

  Ø  Non Monetory Functions:

            1.    Bank licensing

            2.    Branch expansion

            3.    Bank amalgamation

            4.    Bank merging

            5.    Supervision of banks.

Minimum Reserve System:

RBI has to keep a backing of Rs 200 Crore out of which Rs 115 crore worth of Gold and Rs 85 crores worth of Foreign Securities. i.e. Security and bond.

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