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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.
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
The Government of India, in consultation with RBI, notified the 'Inflation Target' in the Gazette of India Extraordinary dated 5 August 2016 for the period beginning from the date of publication of the notification and ending on 31 March 2021 as 4%. At the same time, lower and upper tolerance levels were notified to be 2% and 6% respectively.
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 ...
The Gandhi Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of Indian rupee. The series is so called because the obverse of the banknotes prominently display the portrait of Mahatma Gandhi. Since its introduction in 1996, this series replaced all Lion Capital Series banknotes issued before 1996. The Reserve ...
100-rupee banknote, signed by RBI governor S. Venkitaramanan.. The first 100-rupee note featured the portrait of George VI.After independence in 1947, Reserve Bank of India continued to issue the notes by replacing the portrait of George VI with the Emblem of India, as a part of the Lion Capital Series of banknotes.
Section 7 states that the central government can legislate the functioning of the RBI through the RBI board, and the RBI is not an autonomous body. Section 17 of the Act defines the manner in which the RBI can conduct business as the central bank of India. The RBI can accept deposits from the central and state governments without interest.