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It is the apex bank of India. Started functioning from 1st April 1935. RBI plays an important part in the development strategy of the government. Its headquarter is in Mumbai. It has 22 branch offices at most state capitals and at a few major cities in India Present governor Duvvuri subbarao.
HISTORY
It was set up on the recommendations of the Hilton Young Commission It was started as share-holders bank with a paid up capital of 5 crores. Initially it was privately owned till Jan 1949 after which it became state-owed institution under RBI act Initially it was located in Kolkata. It moved to Mumbai in 1937.
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Monetary Authority
It formulates, implements and monitors the monetary policy. to ensure an adequate flow of credit to productive sectors
Issuer of Currency
issues and exchanges or destroys currencies. the goal of ensuring an adequate supply of clean and genuine notes.
Banker to Banks
Transfer funds and settle inter-bank transactions. All banks operating in the country have accounts with the Reserve Bank.
Developmental Role
To develop the quality of banking system in India. Performs a wide range of promotional functions to support national objectives. To establish financial institutions of national importance Deposit Insurance and Credit Guarantee Corporation (1962) Unit Trust of India (1964)
Contd..
Industrial Development Bank of India (1964) NABARD (1982) National Housing Bank (1989)
Local board-to represent territorial and economic interests of local cooperative and indigenous banks.