The RBI headquarters in Mumbai

The RBI Regional Office in Mumbai

The RBI heaquarters in Delhi.

The Reserve Bank of India (RBI) is the central bank of India, and was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Since its inception, it has been headquartered in Mumbai. Though originally privately owned, RBI has been fully owned by the Government of India since nationalization in 1949. Image File history File links Download high resolution version (600x797, 55 KB) The Reserve Bank of India (new building tower) in Mumbai. ... Image File history File links Download high resolution version (600x797, 55 KB) The Reserve Bank of India (new building tower) in Mumbai. ... Image File history File links The Reserve Bank of India in Mumbai, India. ... Image File history File links The Reserve Bank of India in Mumbai, India. ... Image File history File linksMetadata Download high-resolution version (2592x1944, 2116 KB) Description: The RBI headquarters in Delhi Source: photo taken by User:Deepak Date: 26th December 2005 Permission: User:Deepak released it on 27th December 2005 under CC-BY-SA-2. ... Image File history File linksMetadata Download high-resolution version (2592x1944, 2116 KB) Description: The RBI headquarters in Delhi Source: photo taken by User:Deepak Date: 26th December 2005 Permission: User:Deepak released it on 27th December 2005 under CC-BY-SA-2. ... For other uses, see Delhi (disambiguation). ... April 1 is the 91st day of the year (92nd in leap years) in the Gregorian calendar, with 274 days remaining. ... 1935 (MCMXXXV) was a common year starting on Tuesday (link will take you to calendar). ... 1934 (MCMXXXIV) was a common year starting on Monday (link will take you to calendar). ... Mumbai (Marathi: मुंबई, IPA: ), formerly known as Bombay, is the capital of the state of Maharashtra, the most populous city of India, and by some measures the most populous city in the world with an estimated population of about 13 million (as of 2006). ... The Government of India (Hindi: Bharat Sarkar), officially referred to as the Union Government, and commonly as Central Government, was established by the Constitution of India, and is the governing authority of a federal union of 28 states and 7 union territories, collectively called the Republic of India. ... Year 1949 (MCMXLIX) was a common year starting on Saturday (the link is to a full 1949 calendar). ...

RBI is governed by a central board (headed by a Governor) appointed by the Central Government. The current governor of RBI is Dr.Y.Venugopal Reddy (who succeeded Dr. Bimal Jalan on September 6, 2003). RBI has 22 regional offices across India. The Government of India (Hindi: Bharat Sarkar), officially referred to as the Union Government, and commonly as Central Government, was established by the Constitution of India, and is the governing authority of a federal union of 28 states and 7 union territories, collectively called the Republic of India. ... Yaga Venugopal Reddy (b. ... Dr. Bimal Jalan (born 1941) was the Governor of Reserve Bank of India for two terms. ... September 6 is the 249th day of the year (250th in leap years). ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...

The Reserve Bank of India was set up on the recommendations of the Hilton Young Commission. The commission submitted its report in the year 1926, though the bank was not set up for nine years. Year 1926 (MCMXXVI) was a common year starting on Friday (link will display the full calendar). ...

Board of Directors

On June 27,2006,the Union Government of India reconstituted the Central Board of Directors of the Reserve Bank of India (RBI) with 13 members, including Azim Premji and Kumar Mangalam Birla. Azim Hashim Premji (born July 24, 1945) is an Indian businessman and Chairman & CEO of one of the largest software companies in India, Wipro Technologies (headquarters located at Bangalore). ... This page meets Wikipedias criteria for speedy deletion. ...

The other members of the board are:

• Suresh Tendulkar, Economist and Member, Prime Minister's Economic Advisory Council (to represent Eastern Area Local Board)

• U. R. Rao, former Chairman, ISRO and Chairman Research Council, Physical Research Laboratory, Department of Space (to represent Northern Area Local Board)

• Lakshmi Chand, IAS (Retd.) (to represent Southern Area Local Board)

• Shashi Rekha Rajagopalan, Consultant, Co-operatives

• Suresh Kumar Neotia, Chairman, Ambuja Cement

• A. Vaidyanathan, Madras Institute of Development Studies

• Man Mohan Sharma, FRS, Former Director, Mumbai University Institute of Chemical Technology

• D. Jayavarthanavelu, Chairman and Managing Director, Laxmi Machine Works Ltd.

Those who were renominated to the board include U. R. Rao ( U.Ramachandra Rao )is a space scientist and former director of the Indian Space Research Organisation. ... Man Mohan Sharma (born May 1, 1937 in Jodhpur, Rajasthan) is an eminent Indian chemical engineer. ...

• Y. H. Malegam, Chartered Accountant, (to represent Western Area Local Board),

• H. P. Ranina, Supreme Court Advocate,

• Ashok S. Ganguly, Member, Investment Commission and Chairman, ICICI OneSource.

The retiring Directors include

• Narayan Murthy

• Mihir Rakshit

• K. Madhava Rao

• V. S. Vyas

• K.P. Singh

• Amrita Patel

• Suresh Krishna

On 1 July,2006 in an attempt to enhance the quality of customer service and strengthen the grievance redressal mechanism, the Reserve Bank of India constituted a new department — Customer Service Department (CSD). This article needs to be cleaned up to conform to a higher standard of quality. ... Kushal Pal Singh ( or K.P. Singh as he is known) was born on August 15, 1931, at Bulandshahar in Uttar Pradesh, Today he presides over closely held DLF group [1], One of India’s largest real estate developer with an estimated land bank of 3,000 acres (12 km... // Customer service is the provision of service to customers before, during and after a purchase. ...

Main objectives

Monetary Authority

• Formulates, implements and monitors the monetary policy.
• Objective: maintaining price stability and ensuring adequate flow of credit to productive sectors.

Regulator and supervisor of the financial system

• Prescribes broad parameters of banking operations within which the country's banking and financial system functions.
• Objective: maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public. The Banking Ombudsman Scheme has been formulated by the Reserve Bank of India (RBI) for effective redressal of complaints by bank customers

Manager of Exchange Control

• Manages the Foreign Exchange Management Act, 1999.
• Objective: to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.

Issuer of currency

• Issues and exchanges or destroys currency and coins not fit for circulation.
• Objective: to give the public adequate quantity of supplies of currency notes and coins and in good quality.

Developmental role

• Performs a wide range of promotional functions to support national objectives.

Related Functions

• Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.
• Banker to banks: maintains banking accounts of all scheduled banks.
• Owner and operator of the depository (SGL) and exchange (NDS) for government bonds.

There is now an international consensus about the need to focus the tasks of a central bank upon central banking. RBI is far out of touch with such a principle, owing to the sprawling mandate described above.

Major Liabilities of Commercial Banks

Figures below are in millions of Indian Rupees. See [1] and [2]

Major Assets of Commercial Banks

Figures below are in millions of Indian Rupees. See [3] and [4]

Tarapore committee

The Tarapore committee is a committee setup by the Reserve Bank of India under the chairmanship of former RBI deputy governor S S Tarapore to "lay the roadmap" to capital account convertibility. Capital Account Convertibility is the state where capital controls are not present. ...

The five-member committee recommended a three-year timeframe for complete convertibility by 1999-2000. 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... This article is about the year 2000. ...

In March 2006, the Finance Minister of India, P Chidambaram said that the Central government was "within striking distance" of implementing the committee's report. For the Manfred Mann album, see 2006 (album). ... The Finance Minister of India is a cabinet position in the Government of India. ... P. Chidambaram is the finance minister of India in the Congress-led UPA government (2004-2009). ...

External links

• Recommendations of the committee
• Round-up of comments and views about the report

Foot Notes

1. ^ - include fixed, savings, current, contingency accounts, et al
2. ^ - include securities of Central and States governments, trustee securities, shares, debentures, gold, et al
3. ^ - include loans and advances, cash credit and overdrafts, bills purchased and discounted

See also

• Governors of the Reserve Bank of India
• Indian rupee

List of Governors of the Reserve Bank of India (RBI): Sir Osborne Smith (1935 – 1937) Sir James Taylor (1937 – 1943) Sir C. D. Deshmukh (1943 – 1949) Sir Benegal Rama Rau (1949 – 1957) K. G. Ambegaonkar (1957) H. V. R. Iyengar (1957 – 1962) P. C. Bhattacharya (1962 – 1967) L. K. Jha... ISO 4217 Code INR User(s) India Inflation 5. ...

External links

• Reserve Bank of India Official site
• Reserve Bank of India Ombudsman site
• Indian Monetary Reform
• Reforms on the mandate of RBI
• RBI operations