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Answer Posted / 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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