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Reserve Bank of India Act, 1934 is the legislative act under which the Reserve Bank of India (RBI) was formed. This act along with the Companies Act, which was amended in 1936, were meant to provide a framework for the supervision of banking firms in India. [1]
Reserve Bank of India Act, 1934: This is the primary legislation governing the functions and powers of the Reserve Bank of India (RBI), which is the central bank of India. The act provides for the regulation of banking and credit in India and gives the RBI the authority to issue licenses to banks and regulate their activities.
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Sir C. D. Deshmukh was the first Indian to serve as the governor. Sir Benegal Rama Rau was the longest serving governor. I. G. Patel, the fourteenth governor Manmohan Singh, the fifteenth governor, later served as the thirteenth prime minister of India Raghuram Rajan, the twenty-third governor Shaktikanta Das, the twenty-fifth governor Sanjay Malhotra, the twenty-sixth and the incumbent governor
Reserve Bank of India, abbreviated as RBI, is the central bank of India, and regulatory body responsible for regulation of the Indian banking system and Indian currency. Owned by the Ministry of Finance , Government of India , it is responsible for the control, issue, and maintenance of the supply of the Indian rupee.
The committee comprises six members – three officials of the Reserve Bank of India and three external members nominated by the government of India. They need to observe a "silent period" seven days before and after the rate decision for "utmost confidentiality". The governor of the Reserve Bank of India is the chairperson ex officio of the ...
Ways and means advances (WMA) is a mechanism used by Reserve Bank of India (RBI) under its credit policy to provide to States, banking with it, to help them tide over temporary mismatches in the cash flow of their receipts and payments. This is guided under Section 17(5) of RBI Act, 1934, and are '..repayable in each case not later than three ...
Madras, Bengal and Bombay Children (Supplementary) Act 1925 35 Indian Succession Act 1925 39 Trade Unions Act: 1926: 16 Indian Forest Act: 1927: 16 Sale of Goods Act: 1930: 3 Hindu Gains of Learning Act: 1930: 30 Indian Partnership Act: 1932: 9 Murshidabad Estate Administration Act: 1933: 23 Reserve Bank of India Act: 1934: 2 Aircraft Act: 1934 ...