This site provides comprehensive information on
RBI (Reserve Bank of India) , the premier guardian of Indian Banking System. Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
The Central Office of the Reserve Bank of India was initially established in Calcutta (now Kolkata) but was later shifted to Mumbai (then Bombay) in 1937. The Central Office is where the Governor sits and where policies are formulated. Though, originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
Activities:
The Preamble of the Reserve Bank of India describes the basic activities of the Reserve Bank as:
"...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."
The main activities of Reserve Bank of India are -
- Monetary Functions in India: Formulates, implements and monitors the monetary policy – to ensure price stability and optimum flow of credit to productive sectors.
- Regulatory and supervisory functions in India: Prescribes broad parameters of banking operations within which the country's banking and financial system operates - to maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public.
- Management of Foreign Exchange in India: Manages the Foreign Exchange - to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.
- Issuance of currency in India: Issues and exchanges or destroys unfit currency and coins - to cater the public with adequate quantity of supplies of good quality currency notes and coins.
- Developmental functions in India: Performs a wide promotional functions to meet national objectives.
- Other Related Functions:
Banker to the Government of India: performs merchant banking function for the central and the state governments; also acts as their banker.
Banker to banks in India: maintains banking accounts of all scheduled banks.
Performance:
Reserve Bank of India has Domestic Assets stands at 90,106.99 crore and Total Foreign Exchange Reserves stands at Rs 7,50,700.53 crore, as on 30th June 2006. Reserve Bank of India has posted Net Income to the tune of Rs 14,257.10 crore for the year ended 31st March 2005-06. 22000 till Dec 2005
Organization:
Reserve Bank of India is headed by Dr.Y. Reddy, Governer. Reserve Bank of India employs around 22000 personnel (till 31st December 2005). Reserve Bank of India has Central Office is located at:
Reserve Bank of India
Central Office
Mumbai 400 001.
www.rbi.org.in
