- The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
- The Central Office of the RBI, initially set up in Kolkata, was permanently moved to Mumbai in 1937.
- Sir Osborne Smith the first Governor of the Bank. The Bank was constituted as a shareholders’ bank.
- The RBI is the central bank of India and is responsible for regulating the country’s monetary and credit system.
- It is also responsible for issuing currency and managing the country’s foreign exchange reserves.
- The RBI works closely with the government of India to formulate and implement monetary and fiscal policies that promote economic growth and stability.
- It was set up as a private shareholder’s bank with a capital of Rs. 5 crores.
Tags:
Economics
