Interesting facts and Information about RBI (Reserve Bank of India)

Reserve Bank of India (RBI) is the central banking authority of India. It manages the different policies regarding Indian currency (Rupee). It also plays a critical role in development policies of Government of India.
RBI - Central Bank of India
  • RBI was established on 1st April, 1935. It was constituted under the Reserve bank of India Act 1934. On the recommendation of Hilton Young Commission in 1926. At that time it was a privately owned institution. After the independence of India, it was nationalized in 1949.
  • RBI is controlled by the Central Board of Directors. Indian government appoints the directors for four years tenure. The central board of directors comprises Governor, four deputy governor and sixteen directors.
    Structure of RBI
  • The first governor of RBI was Sir Osborne Smith (1935-1937). The first Indian governor was CD Deshmukh (1943-1949). Manmohan Singh is the only Prime Minister who also was a Governor of RBI. Current Governor is Urjit Patel.
  • ☐Urjit Patel:
    He was appointed as the RBI governor in 2016. Before appointment as Governor of RBI, He was serving as deputy governor of RBI from 2013. He has M. Phil in economics from Oxford University and a PhD in economics from Yale University in the US. He also held different positions in other organizations in his career – Adviser (Boston Consulting Group), President of Business Development (Reliance Industries), Non-Executive Director (Gujarat State Petroleum Corporation)
  • During its initial stage, RBI’s main office was located in Kolkata. It was moved to Mumbai in 1937. It has four zonal offices and about 22 regional offices. It also runs two training colleges-Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune.
  • Its financial year is from 1 July to 30 June. The emblem of RBI is a tiger and a Palm tree.
  • RBI acted as the central bank for Burma till April 1947 and for Pakistan till June 1948.

Some Main functions of Reserve Bank of India

It is solely responsible for creating notes of all domination. The coins are minted by Government of India but its circulation is controlled by RBI.
It acts as a central bank for the other commercial banks. It also helps in inter bank fund transfer.
It is the main monetary authority of India.
It regulates the credit and currency system in India.
It maintains public confidence in the banks, protects depositors interest and provides cost-effective banking services to the public.

Quick info about RBI

Established on 1st April 1935
Headquarter at Mumbai
Current Governor Urjit Patel
First Governor Sir Osborne Smith
First Indian Governor CD Deshmukh