Reserve Bank of India (RBI) Foundation day - 1st April

Tags: Important Days

Reserve Bank of India (RBI) Foundation day - 1st April

The Foundation Day of the Reserve Bank of India is celebrated on 1st April every year.

About Reserve Bank of India

  • RBI was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.

  • It started functioning from 1 April 1935.

  • The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.

  • It was nationalized in 1949 and now the government of India is the owner of RBI.

  • It has the power to regulate Banks under the Banking Regulation Act 1949.

  • It has the power to regulate the Non-Banking Financial Company (NBFC) under the RBI act 1934.

  • RBI is also the regulator of the digital payment system under the Payment and settlement act 2007.

  • Before independence till 1942 RBI used to issue currency not only for India but also for Myanmar which was then known as Burma. However, it was discontinued after 1947.

  • Headquarters of RBI: Mumbai 

  • Governor of RBI : Shaktikanta Das

Major functions of RBI

  • Formulation, implementation and monitoring of monetary policy.

  • To maintain price stability keeping in view the objective of growth.

  • Sir Osborne Smith was made the first Governor of RBI.

  • To lay down broad norms for banking operations.

  • To protect the interests of the depositors and to provide affordable banking services to the general public.

  • Administration of Foreign Exchange Management Act, 1999.

  • Issuance and exchange of currency.

  • Role of merchant bank for central and state governments.

Please Rate this article, so that we can improve the quality for you -