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.
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RBI NEWS
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The case for baby RBIs
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Digital currency to further bolster digital economy, says RBI's Ajay Kumar
Digital currency will further bolster the digital economy, make payment system more efficient, reduce cost involved in physical ...| January 25, 2023, Wednesday -
SBM Bank says engaging with RBI to address 'supervisory concerns'
The RBI, on Monday, ordered SBM Bank to stop all transactions under the liberalised remittance scheme (LRS) until further notice, ...| January 25, 2023, Wednesday -
Govt, RBI must tie up to uproot illegal digital lending apps: DLAI
DLAI has also sought clear licensing pathways and operating rules for the ecosystem| January 24, 2023, Tuesday -
RBI asks SBM Bank to put brakes on remittance transactions immediately
The banking regulator in a statement said the action was based on certain material supervisory concerns observed in the bank. It, ...| January 23, 2023, Monday -
Banks get time till Dec 31 to execute revised agreement with locker holders
The RBI on Monday extended the time till December-end for banks to enter into revised agreements with safe deposit locker holders ...| January 23, 2023, Monday -
Microfinance attracts renewed attention after RBI's interest rate cap move
Within months of the RBI lifting the interest rate cap on such loans, the industry is seeing a steady rise in borrowing, ...| January 23, 2023, Monday -
NRIs' deposits touch $134 billion in November 2022: RBI bulletin
Old data for October 2022 had shown that outstanding amounts in NRI deposits had broken the streak of continuous fall for the ...| January 19, 2023, Thursday -
RBI bought net $4.36 billion in spot forex market in November, shows data
The RBI said it purchased $22.28 billion and sold $17.92 billion in the spot market| January 19, 2023, Thursday
