RBI

Logo-.

Head quarter of rbi-

The headquarters of the Reserve Bank of India (RBI) is located at Shahid

Bhagat Singh Marg, Mumbai. The RBI was established on April 1, 1935, and
its original headquarters was in Kolkata. In 1937, the headquarters was
moved to Mumbai.

Chairman-

Shaktikanta Das (born 26 February 1957) is serving as the current & 25th
governor of the Reserve Bank of India (RBI). He was earlier a member of
the Fifteenth Finance Commission and India's Sherpa to the G20. Das is a
retired 1980 batch Indian Administrative Service (IAS) officer of Tamil
Nadu cadre.

During his career as an IAS officer, Das served in various capacities for
Indian and Tamil Nadu governments, including as Economic Affairs
Secretary, Revenue Secretary, Fertilizers Secretary. He has also served as
India’s Alternate Governor in the World Bank, ADB, NDB & AIIB. He has
represented India in various international forums like the IMF, G20, BRICS,
SAARC, etc.

Historical development-

1926: The Royal Commission on Indian Currency and Finance

recommended the creation of a central bank for India.

1927: A bill to give effect to the above recommendation was introduced in

the Legislative Assembly. But it was later withdrawn due to lack of
agreement among various sections of people.

1933: The White Paper on Indian Constitutional Reforms recommended the

creation of a Reserve Bank. A fresh bill was introduced in the Legislative
Assembly.

1934: The Bill was passed and received the Governor General’s assent

1935: The Reserve Bank commenced operations as India’s central bank on

April 1 as a private shareholders’ bank with a paid up capital of rupees five
crores (rupees fifty million).

1942: The Reserve Bank ceased to be the currency issuing authority of

Burma (now Myanmar).

1947: The Reserve Bank stopped acting as banker to the Government of

BurRolema.

1948: The Reserve Bank stopped rendering central banking services to

Pakistan.

1949: The Government of India nationalized the Reserve Bank under the
Reserve Bank (Transfer of Public Ownership) Act, 1948.

Roles-

Functions Of The Reserve Bank Of India

The Preamble to the Reserve Bank of India Act, 1934 (the Act),
under which it was constituted, specifies its objective as “to
regulate the issue of Bank notes and the 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 functions of the Reserve Bank today can be categorized as

follows:

Monetary policy
Regulation and supervision of the banking and non-banking
financial institutions, including credit information companies
Regulation of money, forex and government securities markets as
also certain financial derivatives
Debt and cash management for Central and State Governments.
Management of foreign exchange reserves.
Foreign exchange management—current and capital account
management
Banker to banks.
Banker to the Central and State Governments.
Oversight of the payment and settlement systems.
Currency management.
Developmental role.
Research and statistics.