RBI Assistant 2023

The Reserve Bank of India, often known as the RBI, is the country’s central bank and regulatory organization and is in charge of overseeing the country’s financial sector. The Government of India’s Ministry of Finance is the owner. Control, issuance, and supply maintenance of the Indian rupee are its duties. It also oversees the primary payment networks for the nation and tries to further its economic growth. In four of its currency printing presses, located in Nashik (Maharashtra; Western India), Dewas (Madhya Pradesh; Central India), Mysore (Karnataka; Southern India), and Salboni (West Bengal; Eastern India), the Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialized division of the Reserve Bank of India.

To control the payment and settlement systems in India, the RBI created the National Payments Corporation of India as one of its specialized divisions. The RBI created the Deposit Protection and Credit Guarantee Corporation as one of its specialized divisions with the goal of providing protection for deposits and credit facility guarantees to all Indian banks.

Additionally, it held total authority over monetary policy in the nation up to the establishment of the Monetary Policy Committee in 2016. In compliance with the Reserve Bank of India Act, of 1934, it began operating on April 1st, 1935. The initial share capital was split into 100 fully paid shares. The RBI was nationalized on 1 January 1949, following India’s independence on 15 August 1947.

The 21-member central board of directors, which includes the governor, four deputy governors, two representatives from the finance ministry (typically the Economic Affairs Secretary and the Financial Services Secretary), ten government-nominated directors, and four directors who represent local boards for Mumbai, Kolkata, Chennai, and Delhi, is responsible for the overall direction of the RBI. Five people who represent local interests, co-operative, and indigenous bank interests make up each of these local boards.

It belongs to the Asian Clearing Union as a member bank. The bank is a prominent member of the Alliance for Financial Inclusion (AFI) and actively promotes financial inclusion policies. ‘Mint Street’ is a common nickname for the bank.