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The Reserve Bank of India is the central bank of the country. Central banks are a relatively recent innovation and most central banks, as we know them today, were established around the early twentieth century.The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935.
RBI act extends to the whole of India.
OFFICE- Bombay, Calcutta, Delhi and Madras
BRANCHES/AGENCIES- Any other place in India.
Central government give directions to RBI after consulting Governor that affairs of RBI shall be handled by Central Board of Directors.
First Schedule has mentioned the areas served by various local boards.Local Board shall be constitute for each of 4 areas and should consist 5 members appointed by Central Government. These members elect 1 chairperson from themselves and tenure of office of each member has 4 years and max 8 years not they cannot be appointed continuously for more than 2 terms
Meetings of the Central Board shall be convened by the Governor at least six times in each year and at least once in each quarter.
1) CBD exercises all the powers and functions and does all acts for RBI.
2) RBI may transact various businesses such as –
3) RBI also act as ‘Lender of Last Resort’.
4) RBI also act as banker to Central Government and State Governments.
Issue department which issue bank and currency notes against securities consisting of gold coins, bullions, foreign securities and other approved securities. The aggregate value of the gold coin, gold bullion and foreign securities held as assets and the aggregate value of the gold coin and gold bullion so held shall not at any time be less than two hundred crores of rupees and one hundred and fifteen crores of rupees, respectively.
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