CH 2: BANKING REGULATION – RBI – PART 1

Introduction:

The Reserve Bank of India is India’s central banking authority, which controls the monetary policy of the Indian rupee. In India the banking system is regulated by RBI in terms of the Reserve Bank of India Act, 1934 and Banking Regulation Act, 1949. In India, banking is defined in the Banking Regulation Act, 1949

.RBI-LOGO-BUSINESS-LEAD

a) It was established in 1st April 1935.
b) It was nationalized in 1949.
c) The first governor of RBI was Sir Osborne Smith.
d) The first Indian governor of RBI was Shri CD deshmukh.
e) RBI can issue note up to Rs. 10000. RBI doesn’t issue 1 rupee notes.
f) The head quarter of RBI is in MUMBAI

Roles & Functions of RBI:

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