The Reserve Bank of India (RBI is India's central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935
during the British Rule in accordance with the provisions of the Reserve
Bank of India Act, 1934. The
original share capital was divided into shares of 100 each fully paid, which
were initially owned entirely by private shareholders. Following India's independence on 15
August 1947, the RBI was nationalised on 1 January 1949.
The
RBI plays an important part in the Development Strategy of the Government of India. It is a member bank
of the Asian Clearing Union. The general superintendence
and direction of the RBI is entrusted with the 21-member Central Board of
Directors: the Governor, 4 Deputy Governors, 2Finance 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. Each of
these local boards consists of 5 members who represent regional interests, and
the interests of co-operative and indigenous banks.
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