About, History, Objectives and Functions of Reserve Bank of India

Reserve Bank of India (RBI): About, History, Objectives and Functions

The Reserve Bank of India (RBI) is the Central Bank of India, also known as Banker’s Bank. The monetary and other banking policies of the Government of India are governed by the Reserve Bank. The Reserve Bank of India (RBI) was established on 1 April 1935 under the Reserve Bank of India Act 1934. The Reserve Bank of India has been in Mumbai since 1937.

ABOUT RBI

The Reserve Bank of India is fully owned and operated by the Government of India.
Introduction to the Reserve Bank the basic functions of the Reserve Bank are described as:
Controls the issue of notes
Ensuring monetary stability in India
The monetary policy framework is being upgraded to meet financial challenges.
The Reserve Bank of India is governed by a central board of directors, with a 21-member central board of directors appointed by the Government of India under the Reserve Bank of India Act.

HISTORY OF RBI

The Federal Reserve Bank of India or RBI is that the financial institution of the country. Central banks are relatively recent innovations, and most central banks, as we know them today, were established in the early 20th century.
The Federal Reserve Bank was formed on the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the legal basis for the operations of a bank that commenced operations on 1 April 1935.
Bank was formed
Manage issue of notes
Maintain reserves to ensure cash stability
Operate the country’s credit and currency system for its benefit.
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Here the complete list of RBI Governors of India
1 Sir Osborne A. Smith 1st April 1935 to 30th June 1937
2 Sir James Braid Taylor ICS 1st July 1937 to 17th February 1943
3 Sir Chinataman D.Deshmukh ICS 11th August 1943 to 30th June 1949
4 Sir Benegal Rama Rau ICS 1st July 1949 to 14th January 1957
5 K.G.Ambegaonkar ICS 14th January 1957 to 28th February 1957
6 H.V.R. Iyenger ICS 1st March 1957 to 28th February 1962
7 P.C. Bhattacharya 1st March 1962 to 30th June 1967
8 L.K. Jha 1st July 1967 to 3rd May 1970
9 B.N. Adarkar 4th May 1970 to 15th June 1970
10 S. Jagannathan 16th June 1970 to 19th August 1975
11 N. C. Sen Gupta 19th May 1975 to 19th August 1975
12 K.R. Puri 20th August 1975 to 2nd May 1977
13 M. Narasimham 2nd May 1977 to 30th November 1977
14 Dr. I.G. Patel 1st December 1977 to 15th September 1982
15 Dr. Manmohan Singh 16th September 1982 to 14th January 1985
16 A. Ghosh 15th January 1985 to 4th February 1985
17 R.N. Malhotra IAS 4th February 1985 to 22nd December 1990
18 S.VenkitaramananIAS 22nd December 1990 to 21st December 1992
19 Dr. C. Rangarajan 22nd December 1992 to 22nd November 1997
20 Dr. Bimal Jalan 22nd November 1997 to 5th September 2003
21 Dr. Y.V. Reddy IAS 6th September 2003 to 5th September 2008
22 Dr. D. Subbaroa 5th September 2008 to 4th September 2013
23 Dr. Raghuram G. Rajan 4th September 2013 to 4th September 2016
24 Dr. Urjit R. Patel 4th September 2016 to 11th December 2018
25 Shaktikanta Das 12th December 2018 to till date

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