Reserve Bank of India is the central bank of India, here we will talk about RBI full form, and what is RBI? RBI is the operator of all banks in India. The Reserve Bank controls India’s economy. We are going to give you RBI Full Details through this post and you will also get complete information about RBI Full Form and what is the work of RBI in this post. If you want to know what is RBI Meaning and RBI Full Form, read this post carefully for complete information of all these.
Many users on our site search for what is the RBI. For their information, tell us that the Reserve Bank of India is a central bank whose important function is to act as a bank, agent and advisor to the Government of India and the states. Information of the RBI Full Form We have given further RBI tries to promote public interest and welfare of general public in its actions and policies, RBI also tries to be a dynamic institution. For more important information related to RBI like RBI Full Form, what is RBI, stay on this post till the end.
RBI Full Form
RBI Full Form “Reserve Bank Of India“. Our users often ask this question, which is the central bank of India, which is the answer, Reserve Bank of India is the central bank of India.
What is RBI
So for your information, let us tell you that RBI is the central bank of India. Which operates all the banks in India. It is also called bank of banks. This bank controls the Economy of India. All the currency of India remains with the RBI. RBI Full Form is Reserve Bank of India. The RBI does the job of printing currency and also works for sending money. This bank is a member of the “Asian Clearing Union”, the RBI is controlled by the Prime Minister of India, it has 29 offices across the country. The old name of the Reserve Bank of India was “The Imperial Bank Of India” (IBI).
Where is RBI Bank Located
Do you know where the RBI Bank is located?, RBI’s headquarters was initially established in Kolkata, which was permanently shifted to Mumbai in 1937, the RBI office is the office where the Governor sits and where the policies are laid down.
When was the Reserve Bank of India established?
Hardly anyone knows about when such a big bank was established, but it is an important information that everyone should know. The Reserve Bank was established on 1 April 1935. India’s economist Babasaheb Ambedkar has been instrumental in the establishment of the RBI, he provided his guidelines in creating the Reserve Bank of India, on the basis of which the Reserve Bank of India was created. You got to know when the RBI was established, but do you know when the national taxation of the RBI was made, friends, the RBI was nationalized on January 1, 1949.
It is very important to know by whom the RBI was established. The British Raj established the RBI, during the British Raj it used to be a privately owned bank but it was nationalized in independent India on 1 January 1949, since then it is fully owned by the Government of India.
Who is the Governor of Reserve Bank
Do you know who is the Governor of RBI? Presently RBI Governor is Shaktikanta Das. After assuming the post of Urjit Patel, who assumed the position of the new Governor of RBI on 11 December 2018.
Shaktikanta Das served as Secretary of Economic Affairs from 2015 to 2017. The Governor of the RBI has a 3-year office. This is to know about the Reserve Bank of India Governor and RBI Deputy Governor, Reserve Bank currently has three Deputy Governors – NS Vishwanathan, BP Kanungo and MK Jain and Patra will be fourth in Deputy Governor.
After knowing so much about the Reserve Bank of India, we will now know what functions this bank is known for.
Following are some of the main functions of RBI, which we are telling you below.
1. Bank of Banks: Reserve Bank Of India functions for other commercial banks in the same way that other banks usually act for their customers, it comes under the prime function of the RBI. Reserve Bank Of India lends money to all commercial banks in the country.
2. Lender work for banks: RBI maintains bank accounts of all scheduled banks and also acts as the ultimate lender for them when needed.
3. Note issuance: Reserve Bank of India has the monopoly to print notes in the country, but has the right to issue all types of notes except one rupee note, as one rupee note is issued only by the Ministry of Finance. The Reserve Bank of India adopts the Minimum Reserve System for the issue / printing of notes.
4. Conservator of Foreign Exchange Reserves: Reserve Bank of India buys and sells foreign currencies and also protects the country’s foreign exchange reserves, in the foreign exchange market when foreign exchange is aimed at keeping the foreign exchange rate stable. If the supply decreases, then the Reserve Bank of India sells foreign currency in this market so that its supply can be increased.
5. Representation of the Indian Government: The Reserve Bank of India represents the Indian government in the World Bank and the IMF, which is responsible for credit control and implementing the country’s monetary policy. So these were the tasks which are done by RBI Bank.
Friends, there are some interesting facts of RBI that hardly you will know, we are going to talk about it.
Interesting Facts About RBI
There are some facts about RBI which are quite amazing and information should be kept by all.
- Only currency notes are made by the RBI and coins are made by the Government of India.
- Do you know what the full name of RBI is? The old name of RBI was “Imperial Bank Of India”.
- The Financial Year in India is from 1 April to 31 March and the Financial Year of RBI is from 1 July to 30 June.
- The RBI rule includes that if the note from 1 rupee to 20 rupees is torn by less than 50%, then the bank will give you full money. But if more than 50% is torn, you will not get anything from the bank.
- 5,000 and 10,000 were also printed by the RBI in the year 1938, after which these notes were also printed in the years 1954 and 1978.
- What is the symbol of RBI – “palm tree and tiger” is the logo of RBI.
- The Reserve Bank of India has also acted as the central bank of 2 other countries.
- Myanmar till 1947 and Pakistan’s central bank until 1948.
- Former Prime Minister of India, Dr. Manmohan Singh has also been the Governor of RBI.
- There have also been 2 Governors in the history of RBI who have never got a chance to sign on the notes and that is – K G Ambegaonkar and Osborn Orkal Smith.
- SIP Full Form
- UPI Full Form
- ITR Full Form
- TDS Full Form
- What is PAN Card
- What is Internet Banking
- NEFT Full Form
Friends, this was the Complete information about RBI, which you came to know in Detail here today. How did you find this information ? Tell us by commenting in our Comment section and share them with you if you have any suggestions. Do share this post with your friends on WhatsApp, Instagram, Facebook so that they also get information about it.