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What is RBI ?
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Answer / vimala jothi
RBI is the Central Bank of India. It was initially started
as a share-holders bank in Apr 1935. It was nationalised in
January 1949.
The main functions of RBI are:
* It is a bank of issue
It has the sole right to issue paper notes in India,
except 1 Re notes and coins which are issued by the
MInistry of Finance.
* It acts as Banker to Indian Government
It is entrusted with the task of receiving money on
behalf of the Government of India and also the task of
making payments on its behalf.
* It is a Banker's Bank
All scheduled banks should keep a certain
percentage of their time and demand liabilities with the
RBI.
* It regulates the flow of credit
The RBI formulates and administers monetary
policy and regulates the volume and flow of the credit
created by commercial banks.
* RBI exercises the supervisory powers over the commercial
banks.
Every bank has to get a license from RBI to do banking
business in India.
* It maintains the external value of the Rupee
Since March 1947 India is a member of
International Monetary Fund(IMF).
It has to maintain its rate of exchange at the level which
it has declared to this Fund.
The RBI takes suitable measures to maintain the value of
the rupee at this declared level.
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Answer / deepak
The RBI is India's central bank. The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
RBI acts as a banker to the Government and Banks.
The Central Bank maintains record of Government revenue and expenditure under various heads. It maintains deposit accounts of all other banks and advances money to other banks, when needed.
Another important function of the Central Bank is the issuance of currency notes, regulating their circulation in the country by different methods.
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Answer / verma2900
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