RBI was established on 1stApril 1935 and was nationalised on 1st January 1949.
|
Headquarters: Mumbai
|
It represents India at the IMF.
|
It is the Central
Bank of India.
|
It is also known as the Banker's Bank.
|
Its first Governor was Sir Osbourne Arkall Smith and its first Indian
Governor was C. D. Deshmukh (1943).
|
Bank rate, Open
Market operations, SLR and CRR are the instruments of monetary Policy
of RBI.
|
RBI has several banking
functions like;
1) Issue of currency notes,2)
act as government’s bank 3) act as Banker’s bank,4) custodian of Foreign Exchange
Reserves,5) to manage public debt 6)
to stabilise the value of money, etc.
|
Notes and coins in circulation cash with banks + demand deposits + other
deposits with RBI are called narrow money.
|
It is a member bank of the Asian
Clearing Union.
|
The Reserve Bank of India has branch offices
at most state capitals and at a few major cities in India total of 18 places
|
The first bank of limited liability
managed by Indians was Oudh Commercial Bank founded in 1881.
|
SBI is the largest public sector bank
in India.
|
The First Presidency Bank is the Bengal Presidency Bank (1806).
|
First Insurance Company - The calcutta Insurance Company
|
First Indian Life Insurance Company
- Bombay Mutual Life Assurance Society
|
In 1955 Imperial
Bank was nationalised and named as State Bank
of India.
|
The National Housing Bank, the apex
institution of housing finance in India, was set up as a wholly owned
subsidiary of the Reserve Bank of India
|
The term “Plastic
Money” means credit cards.
|
The National Bank for Agricultural
and Rural Development was set up in July 12, 1982.
|
The first nationalisation of banks
took place on July 19, 1969
|
The second nationalization took
place in 1980
|
In 1885, saving bank system introduced in India.
|