The Reserve Bank of India (RBI, Hindi: ) is India's central banking

institution, which controls the monetary policy of the Indian rupee. It commenced its
operations on 1 April 1935 during the British Rule in accordance with the provisions
of the Reserve Bank of India Act, 1934.[5] The original share capital was divided into
shares of 100 each fully paid, which were initially owned entirely by private
shareholders.[6] Following India's independence on 15 August 1947, the RBI was
nationalised on 1 January 1949.

Preamble
The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as:
"...to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary
stability in India and generally to operate the currency and credit system of the country to its
advantage."
ORGANISATION STRUCTURE
The RBI plays an important part in the
Development Strategy of the Government of
India. It is a member bank of the Asian Clearing
Union. The general superintendence and
direction of the RBI is entrusted with the 21member Central Board of Directors: the
Governor, 4 Deputy Governors, 2 Finance
Ministry representatives, 10 governmentnominated directors to represent important
elements from India's economy, and 4 directors
to represent local boards headquartered at
Mumbai, Kolkata, Chennai and New Delhi. Each
of these local boards consists of 5 members who
represent regional interests, and the interests of
co-operative and indigenous banks.
The bank is also active in promoting financial
inclusion policy and is a leading member of the
Alliance for Financial Inclusion (AFI).
The bank is often referred to by the name Mint
Street.[7]

ORGANISATION STRUCTURE : CENTRAL BOARD OF DIRECTORS

Executive Directors
Financial Stability
Unit
(Dr. S. Rajagopal,
Chief General
Manager)
Inspection Department
(Shri B. P. Vijayendra,
Principal Chief
General Manager)

Shri D. K. Mohanty

Risk Monitoring
Department
(Shri A. K. Misra,
Chief General
Manager)
Dr. (Smt.) Deepali
Pant Joshi

Premises Department First Appellate Authority

(Dr. Arvind Sharma,
under Right to
Chief General
Information Act
Manager-in-Charge)
Department of

Currency Management
(Shri. P. Vijaya Kumar,
Chief General
Manager)
Legal Department
(Ms. Mona Anand,
Legal Adviser-inCharge)
Consumer Education
and Protection
Department
(Shri Arun Pasricha,
Chief General Manager)
Shri U. S. Paliwal

Shri Chandan Sinha

Financial Inclusion and

Development
Department
(Shri A. Udgata,
Principal Chief General
Manager)
Department of
Information
Technology
(Shri S. Ganeshkumar,
Chief General
Manager-in-Charge)
Department of Payment
and Settlement Systems
(Smt. Nanda Sameer
Dave,
Chief General
Manager)
Department of External
Investments and
Operations
(Shri Rudra Narayan
Kar, Chief General
Manager-in-Charge)
Financial Markets
Regulation Department
(including Market

Secretarys
Department
(Shri S. K.
Maheshwari
Chief General
Manager and
Secretary)

Intelligence)
(Shri R. Subramanian,
Chief General
Manager)
Department of
Economic and Policy
Research
(Shri B. M. Misra,
Principal Adviser)
Dr. M. D. Patra

Department of
Communication
(Alpana Killawala,
Principal Adviser)

Monetary Policy
Department (including
Forecasting and
Modelling Unit)
(Dr. Janak Raj,
Principal Adviser)

Deposit Insurance and

Credit Guarantee
Corporation

Shri K. K. Vohra
Department of
Statistics and
Information
Management (including
Financial Markets
Data and Information
Operation Department
Management Unit)
Shri G. Mahalingam (Shri M. Rajeshwar
(Dr. Goutam Chatterjee,
Rao, Chief General
Officer-in-Charge)
Manager)
International Department
(Dr. Mridul Saggar,
Adviser )
Smt. Meena
Hemchandra

Department of Banking
Supervision
(Smt. Parvathy
V.Sundaram, Chief
General Manager-inCharge)
Department of Cooperative Banking
Supervision
(Ms. Malvika Sinha,
Principal Chief General
Manager)

Department of NonBanking Supervision

(Dr. Sathyan David,
Chief General Manager)
Human Resource
Management
Department
(including HR
Operations Unit)
(Shri A. K. Sarangi,
Chief General ManagerIn-Charge)
Central Security Cell
Rajbhasha Department
(Shri K. P.
(Smt. Surekha Marandi, Raghuvanshi, Security
Principal Chief General
Adviser)
Manager)
Shri Deepak Singhal

Right to Information Act

Department of
Division
Corporate Services
(Shri A. K. Sarangi,
(including Document
Chief General Manager- Management System)
In-Charge)
(Shri S K Kar, Chief
General Manager)
Alternate Appellate
Authority under Right to
Information Act
Corporate Strategy and
Budget Department
(Shri Saurav Sinha,
Chief General Manager)

Shri B.P. Kanungo

Foreign Exchange
Department
(Shri Shekhar
Bhatnagar, Chief
General Manager-inCharge)
Department of
Government and Bank
Accounts
(Shri S. Ramaswamy,
Principal Chief General
Manager)

Internal Debt
Management
Department
(Ms A. Mangalagiri,
Chief General
Manager)
Department of
Banking Regulation
(Shri S. S. Barik,
Chief General
Manager-in-Charge)
Department of Cooperative Banking
Regulation
(Ms. Suma Varma,
Principal Chief
General Manager)

Shri Sudarshan Sen

Department of NonBanking Regulation

(Shri C. D. Srinivasan,
Chief General
Manager)
Note : Shri B. P. Kanungo will also oversee Museum cum Financial Literacy Centre, Kolkata,
being executed by Department of Communication.
Central Board
The Reserve Bank''s affairs are governed by a central board of directors. The board is appointed
by the Government of India in keeping with the Reserve Bank of India Act.

Appointed/nominated for a period of four years

Constitution:
o Official Directors

Full-time : Governor and not more than four Deputy Governors

o Non-Official Directors

Nominated by Government: ten Directors from various fields and two

government Officials

Others: four Directors - one each from four local boards

Functions : General superintendence and direction of the Bank''s affairs

Names and address of the Central Board of Directors of the Reserve Bank of India
1.

Dr. Urjit R. Patel

Governor

@7.

Shri Bharat Narotam Doshi

2.

Shri R. Gandhi
Deputy Governor

@8.

Shri Sudhir Mankad

3.

Shri S. S. Mundra
Deputy Governor

#9.

Shri Shaktikanta Das

4.

Shri N. S. Vishwanathan
Deputy Governor

#10.

Ms. Anjuly Chib Duggal

*5.

Dr. Nachiket M. Mor

@6.

Shri Natarajan Chandrasekaran

Address:
C/o CGM and Secretary
Secretary's Department
Reserve Bank of India
16th floor, Central Office Building
Shahid Bhagat Singh Marg
Mumbai - 400 001
* Directors nominated under Sect 8 (1) (b) of the RBI Act, 1934.
@ Directors nominated under Sect 8 (1) (c) of the RBI Act, 1934.
# Directors nominated under Sect 8 (1) (d) of the RBI Act, 1934 (as amended).
Dated: October 11, 2016
Top

Profile of Central Board Directors

Local Boards

One each for the four regions of the country in Mumbai, Calcutta, Chennai and New
Delhi

Membership:

consist of five members each

appointed by the Central Government

for a term of four years

Functions : To advise the Central Board on local matters and to represent territorial and
economic interests of local cooperative and indigenous banks; to perform such other functions as
delegated by Central Board from time to time.
Names and Addresses of the Members of The Local Boards of The Reserve Bank of
India
Western Area
Address:
C/o Secretary to the
Western Area Local
Board
The Regional Director
Reserve Bank of India
Main Building Shahid
Bhagat Singh Marg
Mumbai 400 001

EASTERN AREA
Dr. Nachiket M.
1. Mor

Address:
C/o Secretary to the Eastern
Area Local Board
The Regional Director
Reserve Bank of India
15, Netaji Subhas Road
Kolkata 700 001

Mumbai : Dated Nov 15, 2015

Northern Area

SOUTHERN AREA

Address:
C/o Secretary to the
Northern Area Local Board
The Regional Director
Reserve Bank of India
6, Sansad Marg
New Delhi 110 001

Address:
C/o Secretary to the
Southern Area Local Board
The Regional Director
Reserve Bank of India
Fort Glacis 16, Rajaji Salai
Chennai 600 001

Mumbai : Dated Oct 20, 2015

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Sitting Fees and Halting Allowance of Board Directors/Members
Sitting Fees and Halting Allowance paid to the Directors of the Central Board, Members

of the Local Board and Directors attending CCB/BFS/BPSS meetings

Halting
Sr.
Sitting Fees per
Type of the Meetings
allowance per
No.
meeting (in INR)
diem (in INR)
1. Central Board
20,000
1,200
2. Local Board
20,000
1,200
3. Committee of the Central Board (CCB); Board For
Financial Supervision (BFS) and Board for Payment
10,000
1,200
& Settlement Systems (BPSS)
4. Audit and Risk Management Sub-Committee
(ARMS), Human Resource Management Sub10,000
1,200
Committee; Building Sub-Committee and
Information Technology Sub-Committee
Note: In addition, the travel and stay expenses towards attending Board/Committee/ SubCommittee meetings are also borne by the Reserve Bank of India.
Financial Supervision
The Reserve Bank of India performs this function under the guidance of the Board for Financial
Supervision (BFS). The Board was constituted in November 1994 as a committee of the Central
Board of Directors of the Reserve Bank of India.
Objective
Primary objective of BFS is to undertake consolidated supervision of the financial sector
comprising commercial banks, financial institutions and non-banking finance companies.
Constitution
The Board is constituted by co-opting four Directors from the Central Board as members for a
term of two years and is chaired by the Governor. The Deputy Governors of the Reserve Bank
are ex-officio members. One Deputy Governor, usually, the Deputy Governor in charge of
banking regulation and supervision, is nominated as the Vice-Chairman of the Board.
BFS meetings
The Board is required to meet normally once every month. It considers inspection reports and
other supervisory issues placed before it by the supervisory departments.
BFS through the Audit Sub-Committee also aims at upgrading the quality of the statutory audit
and internal audit functions in banks and financial institutions. The audit sub-committee includes
Deputy Governor as the chairman and two Directors of the Central Board as members.
The BFS oversees the functioning of Department of Banking Supervision (DBS), Department of
Non-Banking Supervision (DNBS) and Financial Institutions Division (FID) and gives directions
on the regulatory and supervisory issues.

Functions
Some of the initiatives taken by BFS include:
i.

restructuring of the system of bank inspections

ii.

introduction of off-site surveillance,

iii.

strengthening of the role of statutory auditors and

iv.

strengthening of the internal defences of supervised institutions.

The Audit Sub-committee of BFS has reviewed the current system of concurrent audit, norms of
empanelment and appointment of statutory auditors, the quality and coverage of statutory audit
reports, and the important issue of greater transparency and disclosure in the published accounts
of supervised institutions.
Current Focus

supervision of financial institutions

consolidated accounting

legal issues in bank frauds

divergence in assessments of non-performing assets and

supervisory rating model for banks.

Top

Legal Framework
I. 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

o Payment and Settlement Systems Regulations, 2008 and Amended up to 2011 and
BPSS Regulations, 2008
o The Payment and Settlement Systems (Amendment) Act, 2015 - No. 18 of 2015

Factoring Regulation Act, 2011

II. Other relevant Acts

Negotiable Instruments Act, 1881

Bankers' Books Evidence Act, 1891

State Bank of India Act, 1955

Companies Act, 1956/ Companies Act, 2013

Securities Contract (Regulation) Act, 1956

State Bank of India Subsidiary Banks) Act, 1959

Deposit Insurance and Credit Guarantee Corporation Act, 1961

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

Regional Rural Banks Act, 1976

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

National Bank for Agriculture and Rural Development Act, 1981

National Housing Bank Act, 1987

Recovery of Debts Due to Banks and Financial Institutions Act, 1993

Competition Act, 2002

Indian Coinage Act, 2011 : Governs currency and coins

Banking Secrecy Act

The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993
Top

Main Functions
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.

Top

Offices

Has 19 regional offices, most of them in state capitals and 9 Sub-offices.

Training Establishments
Has five training establishments

Two, namely, College of Agricultural Banking and Reserve Bank of India Staff College
are part of the Reserve Bank

Others are autonomous, such as, National Institute for Bank Management, Indira Gandhi
Institute for Development Research (IGIDR), Institute for Development and Research in
Banking Technology (IDRBT)

For details on training establishments, please check their websites links which are available in
Other Links.
Subsidiaries
Fully owned: Deposit Insurance and Credit Guarantee Corporation of India(DICGC), Bharatiya
Reserve Bank Note Mudran Private Limited(BRBNMPL), National Housing Bank(NHB)