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Study Material for RBI Assistants and Grade B Officers
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RBI : A Brief Introduction

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RBI (Reserve Bank of India), India's Central Bank came into existence on 1stApril 1935 as a private share holders bank.

Functions of RBI :
Monopoly of Note issue
Banker, Adviser and Agent to the Govt. of India
Banker to Banks
Custodian of Foreign exchange and gold.
Re-discounts bills of exchange and hundis.
Lender of last Resort
Maintains stability of foreign value of Rupee.
Acts as clearing house
Credit control

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RBI's central office is in Mumbai.
RBI has 22 regional offices.
It was nationalized on 1st January 1949.
It prints Currency in 15 Languages.
Its predecessor was Imperial Bank of India (1921).
RBI came into existence on the recommendation of Hilton Young (Royal) commission as per RBI act 1934.
It is the member bank of Asian Clearing Union (ACU) and IMF (International Monetary
Fund).
The general superintendence and direction of the RBI is entrusted with the 21-memberstrong Central Board of Directors—the Governor (currently Duvvuri Subbarao), four
Deputy Governors, two Finance Ministry representative, ten government-nominated directors to represent important elements from India's economy, and four directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi. Each of these local boards consists of five members who represent regional interests, as well as the interests of co-operative and indigenous banks.
The present Governor of RBI is Duvvuri Subba Rao (Second Time).
Deputy Governors :
 K.C.Chakravarthi
 Urjit Patel
 Anand Sinha
 Harun Rashid Khan.

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Key points to Note :

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