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Reserve Bank of India

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The Reserve Bank of India (RBI) is the central bank of India.

History

It was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but later, was permanently moved to Mumbai in 1937.

Though originally privately owned, RBI has now been fully owned by the Government of India since nationalization in 1949.

Functions

The Central Office is where the Governor sits and where policies are formulated. . RBI is governed by a central board (headed by a Governor) appointed by the Central Government.

he Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank. It is to regulate the issue of Bank Notes and 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.

Regional offices

It has 22 regional offices, most of them in state capitals.

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