RBI – All about RBI, RBI Full Form, Governor, Headquater, and Objectives
RBI full form is Reserved Bank of India.
RBI full form in hindi –
आरबीआई का फुल फॉर्म भारतीय रिजर्व बैंक है।
अंग्रेजी में आरबीआई का फुल फॉर्म रिज़र्व बैंक ऑफ इंडिया है।
RBI was established in 1935, under the reserved back act 1948. It is the nation’s central bank and regulatory body under the jurisdiction of the Finance ministry. RBI is responsible for the issue and supply of currency (Indian rupee). RBI also regulates the Indian banking system.
Reserve Bank of India is fully under the Government of India.
RBI Headquarters
is in Mumbai, Maharashtra.
Governor of RBI (currently 2021)
-Shaktikanta Das
-He become Governor of RBI on December 12, 2018.
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| Shaktikanta Das |
RBI’s basic functions are:
• Issues and regulation of Banknotes.
• Securing monetary stability in India.
• To meet economic challenges by modernizing the monetary policy framework.
RBI has launched a website to spread awareness about fake Banknotes.
www.paisaboltahai.rbi.org.in provides information about identifying fake currency.
RBI is operated with a 21-member central board of directors which is appointed by the Government of India in accordance with the Reserve Bank of India Act.
Organization Structure
Central Board of directors comprised of:
• Official Directors –
– The Governor: is appointed/nominated for a period of four years.
– Four Deputy Governors are also appointed with the Governor.
• Non-Official Directors –
– Two government Official and ten Directors from various fields.
Structure of Central Board of directors
In Order-
- Governor
Deputy Governors
Executive Directors
Principal Chief General Managers
Chief General Managers
General Managers
Deputy General Managers
Assistant General Managers
Managers
Assistant Managers
Support Staff
Special Divisions
• Bharatiya Reserve Bank Note Mudran – the purpose of minting Indian banknotes and coins.
• Deposit Insurance and Credit Guarantee Corporation – the purpose of guaranteeing credit facilities and providing insurance of deposits to all the banks in India.
• National Payments Corporation of India – the purpose of settlement systems and management of the payment in India.
• Reserve Bank Information Technology – to serve its cybersecurity needs and to improve the cyber resilience of Indian banking.
• Indian Financial Technology and Allied Services – to design, deploy and support IT-related services to all the Banks and Financial Institutions in India and also to the Reserve Bank of India.
Major Functions of RBI
• RBI supervises and sets parameters for banks and financial operations in India to make them work efficiently.
• Implementation of national monetary policies.
• RBI also manages the foreign exchange market in India and facilitates external trade.
• Issues, exchanges or destroys the currency that is not fit for circulation and provides coins and notes to the public in good quality.
• RBI also plays a major role to support national banking and financial objectives by promoting and performing promotional functions.
• RBI provides solutions related to banking to state and central government.
• RBI is also a banker to the Government of India. RBI maintains GOI’s accounts, receives payments into and makes payments out of these accounts.
• RBI is set to replace MIFOR (Mumbai Interbank Forward Outright Rate) with LIBOR cessation in 2021, with a new benchmark. MIFOR has LIBOR as one of the components and is used in interest rate swap (IRS) markets.
Objectives of RBI
The primary objectives of RBI are to undertake and supervise initiatives for the financial sector consisting of:
Financial institutions, Commercial banks, and Non-banking financial companies (NBFCs).
Key initiatives of RBI are:
• Restructuring of bank inspections.
• Strengthening the role of statutory auditors in the banking system.
Official website of RBI
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