WHAT IS RESERVE BANK OF INDIA (RBI)

Reserve Bank Of India

The Reserve Bank of India (RBI) is the central bank of India whose primary function is to manage and govern the financial system of the country. It is a statutory body established in the year 1935 under the Reserve Bank of India Act, 1934. The central bank regulates the issue and supply of the Indian rupee. It also looks after the central government’s money. The central bank plays the role of the bankers’ bank and regulates the banking sector. It also plays an important role in India’s development story by supporting the government in its developmental projects and policies.

The head office of the RBI, in Kolkata when the bank was established, was shifted to Mumbai in 1937. Originally, the bank was privately owned. However, after Independence, it was nationalised in 1949 and is now fully owned by the Government of India.

RBI NEWS

RBI imposes Rs 1 crore penalty on State Bank of India
'This action is based on the deficiencies in regulatory compliance,' says RBI| October 18, 2021, Monday
RBI penalises Standard Chartered Rs 1.95 cr for gaps in customer protection
Regulator found that bank did not credit amounts involved in unauthorised electronic transactions (shadow reversal) and did not ...| October 18, 2021, Monday
Auditor resignations continue to trickle in with 15 exits since April
On average, one auditor of a listed company has prematurely resigned every two weeks this financial year; pace seems to have ...| October 18, 2021, Monday
Don't ban their Bitcoin: India's millennials pull crypto out of the shadows
Industry gains confidence that policy makers have been persuaded of benefits to the economy from blockchain-based innovation.| October 18, 2021, Monday
Liberalising capital account
Further opening up would increase risks| October 18, 2021, Monday
Top headlines: RBI on capex, US to lift curbs on vaccinated travellers
Business Standard brings you the top headlines at this hour| October 16, 2021, Saturday
States must step up capex, says RBI governor Shaktikanta Das
Quality spending can have multiplier effect, says Das| October 16, 2021, Saturday
India on course for open access in its markets: RBI deputy governor
RBI deputy governor T Rabi Sankar said there was an effort to liberalize foreign portfolio investor flows into Indian debt ...| October 14, 2021, Thursday
Retail price inflation falls to 5-month low of 4.35% in Sept on food prices
Noticeable slide was orchestrated by a fall in prices of vegetables| October 12, 2021, Tuesday
RBI bars Srei Infrastructure auditor Haribhakti & Co for two years
The audit firm, which is also a regular auditor of important banks, including state-owned banks, has been debarred under section ...| October 12, 2021, Tuesday