The full form of RBI is the Reserve Bank of India. RBI is the national bank of India and was created in 1935 in accordance with the Reserve Bank of India Act of 1934. By imposing the availability of capital to the economy through monetary policies and the credit system, it is responsible for fostering new stability and security for the nation. The RBI was formerly privately held, but since it was nationalized in 1949, the Government of India has been the sole owner of the organization.
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Missions of the RBI
- Supervise and carry out different financial sector projects involving commercial banks, non-banking financial firms, and financial institutions.
- Regulation of money issuance in the economy. It is a crucial goal for the RBI because the economy of the nation could suffer if there is ineffective currency regulation.
- The country’s monetary stability, economic expansion, and exchange rate stability are all goals of reserve maintenance.
- Utilizing the currency and credit systems of the nation to their full potential.
- Supporting the country’s economy while it is systematically developed.
- Overcoming the economic issues by modernizing the monetary policy framework.
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Structure of RBI
- The Reserve Bank of India is managed by the Central Board of Directors, which is made up of both official and non-official directors.
- The Central Board of Directors is chosen by the Indian government for a four-year tenure. The governor and the deputy governors make up the official director. additionally appointed four additional RBI directors from local boards.
- The RBI also has positions for a principal chief general manager, chief general managers, general managers, deputy general managers, assistant general managers, managers, assistant managers, and other support staff in addition to the governor and deputy governorships.
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