National Housing Bank (NHB), Deposit Insurance and Credit Guarantee Corporation of India(DICGC), Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL).The functions of Reserve Bank are governed by central board of directors. The board isappointed by the Government of India. The directors are nominated / appointed for a period of four years. As per the Reserve Bank of India Act there are Official Directors and Non-OfficialDirectors. The Official Directors are appointed by the government and include Governor andDeputy Governors of RBI. There cannot be more than four Deputy Governors. Non-OfficialDirectors are nominated by the government. These include ten Directors from various fields andone government official. Apart from these, there are four other Non-Official Directors, one eachfrom four local boards in Mumbai, Kolkata, Chennai and New Delhi.
Main Functions of RBI
Reserve Bank of India is the main monetary authority of the country. It formulates,implements and monitors the monetary policy and thereby plays a key role in maintaining price stability and ensuring adequate flow of credit to productive sectors.
RBI is the regulator and supervisor of the financial system in the country. It prescribes broad parameters of banking operations within which the country's banking and financialsystem functions.
It manages the foreign exchange of the country.
Performs merchant banking function for the central and the state governments; also actsas their banker.
Maintains banking accounts of all scheduled banks.
Issues and exchanges or destroys currency and coins not fit for circulation.
Nationalised Banks in India
Nationalised banks dominate the banking system in India. The history of nationalised banks inIndia dates back to mid-20th century, when Imperial Bank of India was nationalised (under theSBI Act of 1955) and re-christened as State Bank of India (SBI) in July 1955. Then on 19th July1960, its seven subsidiaries were also nationalised with deposits over 200 crores. Thesesubsidiaries of SBI were State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad(SBH), State Bank of Indore (SBIR), State Bank of Mysore (SBM), State Bank of Patiala (SBP),
State Bank of Saurashtra (SBS), and State Bank of Travancore (SBT).However, the major nationalisation of banks happened in 1969 by the then-Prime Minister IndiraGandhi. The major objective behind nationalisation was to spread banking infrastructure in ruralareas and make cheap finance available to Indian farmers. The nationalised 14 major commercial banks were Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank,Indian Overseas Bank, Oriental Bank of Commerce (OBC), Punjab and Sind Bank, Punjab National Bank (PNB), Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India