1st April – Reserve Bank of India Established

The Reserve Bank of India (RBI) is the central bank of India and was established on April 1, 1935, under the Reserve Bank of India Act, 1934. Its headquarters is located in Mumbai. Shaktikanta Das is serving as the current & 25th governor of the Reserve Bank of India as on date.

Here are some key facts and information about the Reserve Bank of India:

Functions: The RBI is responsible for regulating the monetary policy of India, issuing currency, managing foreign exchange reserves, supervising banks and financial institutions, and maintaining financial stability in the country.

Monetary Policy: The RBI formulates and implements monetary policy in India. Its objective is to maintain price stability and to ensure adequate flow of credit to productive sectors of the economy. The Monetary Policy Committee (MPC) sets the policy interest rate, known as the repo rate.

Currency: The RBI is responsible for the issue and circulation of currency in India. It issues currency notes and coins, and also manages the supply of currency in the country.

Foreign Exchange Reserves: The RBI manages India’s foreign exchange reserves, which are held in various currencies such as US dollars, euros, yen, and pound sterling. These reserves are used to maintain the stability of the Indian rupee and to support the country’s external payments position.

Banking Supervision: The RBI is responsible for supervising and regulating banks and financial institutions in India. It sets guidelines for the functioning of banks and financial institutions, and also conducts inspections to ensure compliance with these guidelines.

Financial Inclusion: The RBI plays a crucial role in promoting financial inclusion in India. It has launched several initiatives to ensure that people in remote and rural areas have access to banking services.

Governor: The Governor of the RBI is the chief executive of the bank. The current Governor of the RBI is Shaktikanta Das, who took office on December 11, 2018.

The Reserve Bank of India is a key institution that plays a vital role in the economic and financial development of India. Its policies and initiatives impact various sectors of the economy, and it continues to be a key player in promoting financial inclusion and stability in the country.

Visit RBI website

Detailed information on Wiipedia