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Reserve Bank of India - Fast Facts

PUBLISHED BY: SURENDER KUMAR
NOVEMBER 21, 2014

   
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Reserve Bank of India - Fast Facts

 

                                                                                                          RESERVE BANK OF INDIA – Fast Facts


1.    The Reserve Bank of India is a statutory body created by an act of parliament.

2.    The
Reserve Bank of India is the only authority in India, which has the power to issue new bank notes and coins.

3.    The Reserve Bank can issue currency notes according to the monetary policy provided it maintains security deposit of Rs. 200 crores, out of which Rs. 115 crores must be held in gold reserves and Rs. 85 crores in foreign exchange (FOREX) reserves.

4.    Initially, the Reserve Bank was based in Calcutta but later, it was shifted to its current location Mint Street, Mumbai.

5.    The Executive Head of the RBI is known as Governor, who is appointed by the government.

6.    The Reserve Bank of India runs two training colleges for its officers i.e. Reserve Bank Staff College, Chennai and College of Agricultural Banking at Pune.

7.    The Reserve Bank is a member of the Asian Clearing Union.

8.    C D Deshmukh, who later became India’s Finance Minister, was the Reserve Bank Governor when it was  nationalized in 1949.

9.    The first woman to be a Deputy Governor of the Reserve Bank of India is – K J Udeshi

10.    The Reserve Bank (like the Federal Reserve, USA and the Riksbank, Sweden) is a Central Bank i.e. it controls, regulates and supervises the entire monetary system, issue of currency and the working of all banks in India. The Reserve Bank is also called the bankers’ banker and the lender of the last resort. It has a major role in implementing the monetary policy, controlling money supply, inflation management, managing exchange value of the rupee vis a vis foreign currencies.

The Reserve Bank also acts as an agent of the government while raising public debt on its behalf. This public debt is raised by the RBI on behalf of the government so that the government can finance its fiscal deficit. Some popular tools of raising public debt are treasury bills and government securities (G-secs or dated securities). 




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