The Reserve Bank of India is the primary Indian Bank. It is the most essential body of Indian monetary function and banking systems. The RBI also effectively influences the Indian Development Strategy. The RBI not only regulates all banks in India but also non-banking finance institutions. It is an autonomous organization that deals with other leading functions. It controls inflammation, monetary report, and storing foreign reserves. It is the apex of all financial functions in India.
The RBI was established in 1935. The suggestion to create an apex financial system was given by Dr. Br Ambedakar. The bank was created based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance. The RBI has been completely possessed by the Government of India since its nationalization in 1949.
The RBI the board of directors is elected by the Government of India on a four-term basis. The governor is at the top of the apex on the board. There are four deputy governors under the governor of RBI and ten other directors from different fields. The first governor of RBI was Sir Osborne Smith. The present governor is Shaktikanta Das. The current deputy directors are B. P. Kanungo, Mahesh Kumar Jain, and Michael Patra.
Roles and Functions
The RBI overlooks all monetary and financial activities of the country.
RBI advises extensive parameters of banking operations around which the country's banking and financial system functions.
The Payment and Settlement Systems Act of 2007 gave complete authority to the RBI to overlook and control all payment settlement systems.
The RBI allows the Government of India to regulate all foreign exchange and government transactions. Reserve Bank of India is the sole body authorized to issue banknotes and the formal Indian currency, no other body is allowed to mimic this feature.