- When was the RBI established?
Ans:- April 1,1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
- When was RBI nationalised?
Ans:- January 1, 1949.
- Who Governs The Reserves Bank’s affairs ?
Ans:- Central Board of Directors
- How many members in Central Board Of Directors?
- Official Directors
Full-time : Governor and 4 Deputy Governors
- Non-Official Directors
Nominated by Government: 10 Directors from various fields and 2 government OfficialOthers: four Directors – one each from four local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi.
- Who is the Governor of RBI?
Ans:- Dr. Raghuram Rajan.
- Who are the Deputy Governors of RBI?
Ans:- 1. Shri Harun R. Khan 2. Dr. Urjit R. Patel 3. Shri R. Gandhi 4. Shri S. S. Mundra
- What are the Acts administered by Reserve Bank of India ?
- Reserve Bank of India Act, 1934
- Public Debt Act, 1944/Government Securities Act, 2006
- Government Securities Regulations, 2007
- Banking Regulation Act, 1949
- Foreign Exchange Management Act, 1999
- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Chapter II)
- Credit Information Companies(Regulation) Act, 2005
- Payment and Settlement Systems Act, 2007
- Factoring Regulation Act, 2011
- What are the main function of RBI?
Ans:- The main functions of RBI are:
- Monetary Authority:
Formulates, implements and monitors the monetary policy.
Objective: maintaining price stability and ensuring adequate flow of credit to productive sectors.
- Regulator and supervisor of the financial system:
Prescribes broad parameters of banking operations within which the country’s banking and financial system functions.
Objective: maintain public confidence in the system, protect depositors’ interest and provide cost-effective banking services to the public.
- Manager of Foreign Exchange
Manages the Foreign Exchange Management Act, 1999.
Objective: to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.
- Issuer of currency
Issues and exchanges or destroys currency and coins not fit for circulation.
Objective: to give the public adequate quantity of supplies of currency notes and coins and in good quality.
- Developmental role
Performs a wide range of promotional functions to support national objectives.
- Related Functions
Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.
Banker to banks: maintains banking accounts of all scheduled banks.