RESERVE BANK OF INDIA
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Head Quarters : Mumbai
Governor : Raghuram Govind Rajan
Established : 1st April 1935 (under RBI Act 1934)
* RBI was nationalised on 1 January 1949.
* It is a member bank of the Asian Clearing Union.
* 21-member Central Board of Directors: the Governor (Dr. Raghuram Rajan), 4 Deputy Governors, 2 Finance Ministry representatives, 10 government-nominated directors to represent important elements from India's economy, and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi. RBI wants to create a post of Chief Operating Officer (COO) and re-allocate work between the five of them(4 Deputy Governor and COO).
*The Government of India appoints the directors for a 5-year term.
*4 Deputy Governors H R Khan, Dr Urjit Patel, R Gandhi and S S Mundra.
* Two of the four Deputy Governors are traditionally from RBI ranks, and are selected from the Bank's Executive Directors. One is nominated from among the Chairpersons of public sector banks and the other is an economist. An Indian Administrative Service officer can also be appointed as Deputy Governor of RBI and later as the Governor of RBI as with the case of Y. Venugopal Reddy.
*leading member of the Alliance for Financial Inclusion (AFI).
*The bank was set up based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton–Young Commission, based on the guidelines presented by Dr. Ambedkar.
*Commission members found Dr B. R. Ambedkar’s book "The Problem of the Rupee- Its origin and Its Solution” an invaluable reference tool and the Central Legislative Assembly eventually passed these guidelines as the RBI Act 1934.
*The Central Office of the RBI was established in Calcutta (now Kolkata), but was moved to Bombay (now Mumbai) in 1937.
*The RBI also acted as Burma's central bank, except during the years of the Japanese occupation of Burma (1942–45), until April 1947.
* the bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations.
*he Reserve Bank of India has four zonal offices at Chennai, Delhi, Kolkata and Mumbai
19 Regional offices
11 sub offices
*RBI has also two training colleges for its officers, viz. Reserve Bank Staff College, Chennai and College of Agricultural Banking, Pune.
There are three autonomous institutions run by RBI
1. National Institute of Bank Management (NIBM) , Pune.
2. Indira Gandhi Institute for Development Research (IGIDR), Mumbai
3.Institute for Development and Research in Banking Technology (IDRBT).
There are also four Zonal Training Centres at Mumbai, Chennai, Kolkata and New Delhi.
Fully owned subsideries: Deposit Insurance and Credit Guarantee Corporation of India(DICGC), Bharatiya Reserve Bank Note Mudran Private Limited(BRBNMPL)
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click here for RBI policy rates and reserve ratios.
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