RESERVE BANK OF INDIA – रिजर्व बैंक इंडिया
Reserve Bank of India was established on 1st April 1935 under the Reserve Bank of India Act 1934. Initially, the Central Office of the Reserve Bank of India was built in Kolkata, but in 1937, Mumbai was permanently shifted. At the central office, the governors of the RBI sit and the policy is made. After nationalization in 1949, the RBI comes under complete control of the Government of India. RBI also regulates the working banks in India with monetary policy.
RBI is an important place in the Indian economy. RBI manages the rupee and manages the foreign exchange, besides making RBI policy to control inflation. The RBI has a governor and four deputy governors. Sir Osborne A. Smith was the first Governor of the RBI.
Reserve Bank Of India acts as the regulator for whole financial system in India and covers Banks, NBFC’s, and other financial bodies. RBI also creates confidence in public mind that there is any body who will protect there money deposited in Banks if Banks or other financial bodies did not provide proper services.
At Present governor and deputy governor of Reserve Bank Of India are:
Governor – Shri Urjit Patel
Deputy Governor – Shri B.P. Kanungo
Deputy Governor – Dr. Viral V. Acharya
Deputy Governor – Shri N.S Vishawanathan
Reserve Bank reviews monetary policy after every two months. Next monetary policy review will be held on August 1, 2018 and it will be Third Bi-monthly monetary policy statement for 2018-19.
To see all future and past monetary policy reviews by Reserve Bank Of India click here.
Also watch: What is Repo Rate, Reverse Repo Rate And CRR?