Facts About RBI

Facts About RBI

Written By Admin on March 27, 2014 | Thursday, March 27, 2014

• Name of Central Bank of India: Reserve Bank of India (RBI)RBI

• Reserve Bank of India Act passed in 1934.

• Reserve Bank of India (RBI) established on 1 April 1935.

• Reserve Bank of India (RBI) established on the recommendation of Hilton-Young Commission.

• Hilton-Young Commission submitted its report in the year 1926.

• Initially RBI was constructed as a Private Share holders’ bank with fully paid-up capital of Rs 5 Crores.

• RBI was nationalize in the year of 1st January,1949.

• RBI is a statutory body.

• RBI is the sole authority in India to issue Bank notes in India.

• RBI can issue currency notes as much as the country requires, provided it has to make a security deposit of Rs. 200 crores, out of which Rs. 115 crores must be in gold and Rs. 85 crores must be FOREX Reserves.

• Emblem of RBI: Panther and Palm Tree.

• Initially the headquarter of RBI was in Calcutta (Now Kolkata) but in 1937 it was permanently moved to Mumbai, Maharastra.

• The Reserve Bank of India has 4 Zonal offices,22 regional offices, most of them in state capitals and 9 Sub-offices

• The Executive head of RBI is known as Governor.

• 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 fifteen directors.

• The bank has also two training colleges for its officers, viz. Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune.

• RBI is a member bank of the Asian Clearing Union.

• Chintaman Dwarkanath Deshmukh (C D Deshmukh) was the governor of RBI at the Time of nationalization of RBI in 1949.

• C D Deshmukh, then Governor of RBI, represented India at the Bretton Woods negotiations in 1944.

• 1st women Deputy Governor of RBI -K.J.Udeshi.

• RBI is not a Commercial Bank.

• RBI prints currency in 15 Languages.

• RBI is a member of IMF (International Monetary Fund).

• Its financial year is from 1 July to 30 June. The emblem of RBI is a tiger and a Palm tree.

• 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 Raghuram Rajan