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Reserve Bank of
India (RBI)
BI, India's
Central Bank came into
existence on 1stApril
1935 as a private share
holders bank. Note : 1st Central
Bank in the world : Rick's Bank
Sweden in 1656. But in the light of
unctions, Bank of England is the 1st
Central Bank 1694.
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
Home English Aptitude Reasoning G.K.
Computers Notifications SBI Clerks 2014 Special
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Maintains stability of foreign
value of Rupee.
Acts as clearing house
Credit control
Here are some
important points
to remember
about RBI :
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).
RBI has Board of Directors
with 21 (Governor and 4
Deputy Governors etc)
The present Governor of RBI is
Raghuram Rajan.
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Deputy Governors :
Rama Subramaniam
Gandhi
Urjit Patel
Anand Sinha
Harun Rashid Khan.
Currency notes are issued by
RBI under "Minimum Reserve
System 1957" with backing of
Rs. 200 Cr Reserve (Gold : Rs.
115 Cr + Foreign Securities
Rs. 85 Cr)
RBI Invests foreign exchange
reserves in multi-currency,
multi-market portfolios such
as securities, other central
banks and Bank of
International Settlements (BIS)
and deposits in foreign
commercial banks. The yield
on such investments is low.
RBI does not pay interest on
Govt. deposits with it.
The following monetary
instruments are in the hands of
RBI to control credit and to
7/18/2014 Reserve Bank of India (RBI) | Gr8AmbitionZ
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Motivational
Articles
bring economic stability in the
economy :
Bank Rate : Rate of
rediscount at which the
RBI discounts the first
class bills of exchange
brought by the banks.
Repo Rate : Injection of
liquidity by the RBI is
termed as " Repo
Rate" . This was
introduced in Dec. 1992
and Reverse Repo Rate in
Nov. 1996. RBI buys
Govt. Securities for a
short period usually a
fortnight, with an
agreement to sell it later.
Thus repo rate is a short-
term money market
instrument to stabilize
short term liquidity in the
economy.
Reverse Repo Rate
Repo Rate is the rate
at which the RBI
lends to commercial
banks where as the
Reverse Repo Rate is
the rate at which the
RBI borrows from the
commercial banks
against securities for
a very short period.
Repo and Reverse