The Reserve Bank of India (abbreviated as ‘RBI’) is the central bank and the chief regulatory body of all financial bodies in India. The RBI is under the ownership of the Government of India, and it is solely responsible for controlling, maintaining, and issuing the currency, banking decisions, and other financial-related decisions in the country.
Along with taking all the financial decisions across the country, RBI is responsible for managing the country’s payments and settlement systems. Also, RBI is responsible for boosting the economy of our country.
In obedience to the Reserve bank of India Act of 1934, the RBI was founded in 1935. Since 1937, the bank has been permanently situated in Mumbai, Maharashtra. RBI is the central pillar for forwarding and boosting the Indian economy. RBI has been a member of the International Monetary Fund (IMF) since 27th December 1945
Structure Of RBI
The Reserve Bank of India features a Board of directors, the bank’s main committee. The committee board consists of Governor and four deputy governors, each representing a region. There are four regional representations of RBI, New Delhi in the North, Chennai in the South, Mumbai in the West, and Kolkata in the East.
The organisational structure of the Reserve Bank of India is mentioned below in the hierarchical format-
- Governor
- Deputy Governors
- Executive Directors
- Principal Chief General Managers
- Chief General Managers
- General Managers
- Deputy General Managers
- Assistant General Managers
- Managers
- Assistant Managers
- Support Staff
Functions of the RBI
The RBI is often considered the banker of all commercial banks in India. Thus, RBI is the parental controlling body of all banks across the whole of India. As the country’s central bank, the RBI plays a critical role in regulating and managing financial transactions. Some of the vital functions of the RBI are mentioned and discussed below:
