Reserve Bank Of India
- It is central bank of India.
- It was established on 1 st April 1935, Kolkata.
- Initially it’s headquarter was in Kolkata.
- In 1937 RBI’s headquarter shifted to Mumbai (money capital of India).
- RBI is responsible for issue, supply of Indian rupees and regulation of Indian banks.
- Sri Osborne Smith was the first governor of RBI.
- Governor of RBI is Shaktikanta Das.
- Tenure or RBI governor is 3 years.
- Constituting instrument of RBI is reserve bank of India act 1934.
- Governor of RBI is appointed by central bank of India.
- Longest serving RBI governor is Sri Benegal Rama Rau.
- RBI has sole right to issue of notes.
- RBI has adopted minimum reserve system for issuing/printing the currency notes.
- Since 1957 Reserve Bank of India maintains gold and foreign exchange reserve of rs.200 Cr of which at
- least RS. 115cr in gold and remaining in the foreign currencies.
FUNCTIONS OF RBI
- Issue of notes: RBI has monopoly for printing the currency notes in country.
- Banker to government: Reserve Bank of India performs all the banking functions of state and central
- Agent of government: Reserve Bank of India manages public debt of government.
- Advisor of government: Reserve Bank of India tenders useful advise to the government on matters
related to economic and momentary policy.
- Banker’s bank: Reserve Bank of India lends money to all the commercial bank of the country.
- Controller of credit: when Reserve Bank of India observes that the economy has sufficient money
supply and it may cause inflationary situation in the country then it squeezes the
money supply through its tight monetary policy and visa versa.
- Custodian of foreign reserves: For the purpose of keeping the foreign exchange rates
stable, the Reserve Bank buys and sells foreign currencies and also protects the
country’s foreign exchange funds.
- Other functions: development role, research and statistics, oversight payment and
settlement system etc..
Where do Printing of Security Papers, Notes, and Minting of Do coins take Place in India?
Security Printing and Minting Corporation of India Limited (SPMCIL) is a Mini-Ratna
Category-I CPSE, and wholly-owned Schedule ‘A’ Company of Government of India, is
engaged in the manufacturing of security papers, minting of coins, the printing of banknotes,
non-judicial stamp papers, postage stamps, travel documents, etc.
Following are center of printing of security papers, notes, and mining of coins in India are as follow:
- Indian security press in Nasik road
- Security printing press in Hyderabad
- Currency notes press in Nasik road
- Bank notes press in Dewas