Reserve Bank of India (RBI) - Important facts

  • Name of Central Bank of India: Reserve Bank of India (RBI)
  • No of Central Bank in India: One (1)
  • 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 19 regional offices, most of them in state capitals and 9 Sub-offices
  • The Executive head of RBI is known as Governor.
  • The governor is associated by Four Deputy Governors.
  • 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).
  • At present there are total 90 bank in the second schedule of Reserve Bank of India Act, 1934. [Latest inclusion - Bhartiya Mahila Bank]

 Courtesy: bankingawareness website


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