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The Reserve Bank is currently governed by the Reserve Bank Act 1959. [4] Section 10(2), commonly referred to as the Bank's charter, states that Bank's duty is "to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia" to be achieved by exercising its powers "to contribute to:
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. [3]
1949 (1 January) Reserve Bank of India nationalised. [26] The Reserve Bank of India was state-owned at the time of Indian independence. 1953 Air India under the Air Corporations Act 1953. 1955 Imperial Bank of India and its subsidiaries (State Bank of India and its subsidiaries) 1969 Nationalization of 14 Indian banks.
Michele Bullock (born 1962/1963) is an Australian economist who is currently governor of the Reserve Bank of Australia (RBA). She commenced as governor on 18 September 2023, and is the first woman to hold the role.
The Commonwealth Bank of Australia was established by legislation in 1911. The main functions of the bank were to undertake general banking and savings bank activities. In 1945 the bank's powers were formally widened to include exchange control and the administration of monetary and banking policy with the Commonwealth Bank Act and the Banking Act.
National Australia Bank; There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions. Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). Since 2008 the Australian ...
As a result, the government separated the two roles, creating the Reserve Bank of Australia to exercise the central bank function, and leaving the Commonwealth Banking Corporation to operate purely as a commercial bank. Those commercial functions were exercised by the organization's constituent sections: the Commonwealth Trading Bank of ...
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