Everything about the RBI - __________________________ ***The functions of the Reserve Bank today can be categorised as follows:*** 1- Monetary policy. 2- Regulation and supervision of the banking and non-banking financial institutions, including credit information companies. 3- Regulation of money, forex and government securities markets as also certain financial derivatives. 4- Debt and cash management for Central and State Governments. 5- Management of foreign exchange reserves. 6- Foreign exchange management—current and capital account management. 7-Banker to banks. 8- Banker to the Central and State Governments. 9-Oversight of the payment and settlement systems. 10-Currency management. 11- Developmental role. 12- Research and statistics. __________________________ ****Origins of the Reserve Bank of India**** 1926: The Royal Commission on Indian Currency and Finance recommended creation of a central bank for India. 1927: A bill to give effect to the above recommendation was introduced in the Legislative Assembly, but was later withdrawn due to lack of agreement among various sections of people. 1933: The White Paper on Indian Constitutional Reforms recommended the creation of a Reserve Bank. A fresh bill was introduced in the Legislative Assembly. 1934: The Bill was passed and received the Governor General’s assent. 1935: The Reserve Bank commenced operations as India’s central bank on April 1 as a private shareholders’ bank with a paid up capital of rupees five crore (rupees fifty million). 1942: The Reserve Bank ceased to be the currency issuing authority of Burma (now Myanmar). 1947: The Reserve Bank stopped acting as banker to the Government of Burma. 1948: The Reserve Bank stopped rendering central banking services to Pakistan. 1949: The Government of India nationalised the Reserve Bank under the Reserve Bank (Transfer of Public Ownership) Act, 1948. co-admin Nancy. #iashelp
Posted on: Thu, 14 Aug 2014 07:07:47 +0000
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