Normally everyone knows about the bank, everyone uses the bank for different purposes. What is RBI, what is the full form of RBI, There are many banks available in every country, similarly there are many banks available in India too. And every person uses accounts in different types of banks according to their needs. What is RBI, what is the full form of RBI.
And one of them is RBI, probably not everyone is aware of RBI. So today we will learn about RBI and know how RBI is different from other banks, the rights of RBI.
If you are an Indian then it is obvious that you must be using Indian currency. Because online payment is not possible at all places. And you must have seen on all the currencies that Reserve Bank of India is written on them, so what does it mean.
If you have similar questions then all will be solved in this article. And you will get complete information that what is the full form of RBI. Perhaps you would not know that the complete control over Indian rupees is in the hands of RBI.
What is RBI, What is the full form of RBI
The full form of RBI is Reserve Bank of India i.e. Reserve Bank of India which is the main part of the banking system. As you have understood from above full form that RBI is a bank. Which is one of the most important part of the banking system even though RBI is the largest bank in India. And all the decisions related to banking are taken by RBI. But RBI is not the first ie the oldest bank of India.
Many other banks were established before the establishment of RBI. What is the initial banking system of India, which was the first bank of India. And which was the oldest bank, we have already published an article about it, which is SBI.
Why was RBI established and what is the function of RBI?
It is necessary for every type of transaction in any country. That there should be such a common currency which is valid everywhere and that currency is certified as well as its control is with a particular system. And before the establishment of RBI, there was no such system, bank, organisation, etc. Whose control is officially with a particular organization. Just as at this time a common currency is used all over the world, and it is controlled by the RBI.
So the practice of different types of currencies in the same country was not good at all. Although different types of currencies were present in India at that time. But East India Company also launched many currencies. Because of this, more different types of currencies became available. So there was a need for such a system which could implement one type of currency in the whole country. And the complete control of the currency should be in his hands. And also banking services should be available, and in 1926 the Royal commission (Hilton Young Commission) proposed a Central Bank “Reserve Bank of India” for Indian currency.
When was RBI established and by whom
RBI was established on 1 April 1935 in Kolkata. Although this proposal was brought by the royal commission, Babasaheb Dr. Bhimrao Ambedkar played an important role in it. RBI was formed on the basis of the suggestions given by Babasaheb Dr. Bhimrao Ambedkar. And probably very few people know that Babasaheb Dr. Bhimrao Ambedkar had an important role in the establishment of RBI. RBI was established in Kolkata. And that first bank of India with whose integration SBI was established. “Bank of culcutta” also started from here.
Where is the headquarter of RBI located?
Although RBI was established in Kolkata. And the headquarter was also there, but in 1937 the headquarter of RBI was shifted to Mumbai. And from that time till now there is the headquarter of RBI.
Changes in RBI after the independence of the country
East India Company had ruled India for a long time. And RBI was also established during his reign. And after the independence of the country, RBI was nationalized on 1 January 1949. Although this bank was private at the time of establishment of RBI and even after that. But with nationalization, RBI was completely proposed as a government bank. And today RBI is handling India’s banking system.
RBI is government bank or private
Although RBI was private, but after independence from 1949 till now RBI is a government bank.
Who is the governor (CEO) of RBI
The current governor of RBI is Shaktikanta Das (Retired IAS), and 25 governors have been changed since the inception of RBI, whose list is as follows.
- Sir Osborne Arkell Smith , he was the first governor of RBI. Who was the governor of RBI during the British rule of RBI. His tenure was from 1 April 1935 to 30 June 1937
- The second governor of RBI was Sir James Braid Taylor , tenure – 1 July 1937 to 17 February 1943
- Sir CD (Chintaman Dwarakanath) Deshmukh , In office – 11 August 1943 to 30 June 1949
- Sir Benegal Rama Rao , tenure – 1 July 1949 to 14 January 1957 , was the first governor of RBI. Which were completely under India. Because he became the first governor after the independence of 1947.
- KG Ambegaonkar , In office – 14 January 1957 to 28 February 1957
- H. V. R. Iyengar , In office – 1 March 1957 to 28 February 1962
- P. C. Bhattacharya , In office – 1 March 1962 to 30 June 196
- BN Adarkar , In office – 4 May 1970 to 15 June 1970
- S. Jagannathan , In office – 16 June 1970 to 19 May 1975
- NC Sengupta , In office – 19 May 1975 to 19 August 1975
- KR Puri , In office – 20 August 1975 to 2 May 1977
- M. Narasimhan , In office – 3 May 1977 to 30 November 1977
- IG Patel , In office – 1 December 1977 to 15 September 1982
- Dr. Manmohan Singh , In office – 16 September 1982 to 14 January 1985
- A. Ghosh , In office – 15 January 1985 to 4 February 1985
- RN Malhotra , In office – 4 February 1985 to 22 December 1990
- S. Venkataramanan , In office – 22 December 1990 to 21 December 1992
- C. Rangarajan , In office – 22 December 1992 to 21 November 1997
- Bimal Jalan , term of office – 22 November 1997 to 6 September 2003
- Y.V. Reddy , In office – 6 September 2003 to 5 September 2008
- D. Subbarao , In office – 5 September 2008 to 4 September 2013
- Raghuram Rajan , term of office – 5 September 2013 to September 2016
- Urjit Patel , Term of office – September 2016 to 10 December 2018
- Shaktikanta Das , tenure – 11 September 2018 till present
RBI’s control over Indian currency
Indian currency is managed by RBI. And the printing of currency notes is the responsibility of RBI. Note currency is printed at 4 different locations as per the order of RBI. Which is under the supervision of “Security Printing & Minting Corporation of India Ltd”. Although currency printing is in the hands of RBI, but even RBI cannot print notes on its own. Because the printing of notes is decided according to the development rate of the country. In which the approval of the government is also required.
Because if RBI ignores the growth rate and prints notes, then the value of currency will be lost. And Venezuela has done this, the central bank of Venezuela had printed currency ignoring the growth rate. The result of which was very bad, there was a lot of inflation. Under the Minimum Reserve System 1956, RBI has to maintain a minimum amount of 200 crores.
How much does RBI spend on note printing?
- 2.93 INR per 200 note
- 2.94 INR per 500 note
- 3.94 INR per 2000 note
Recently, on 8 November 2016, a historic decision was taken. And currency exchange was done by RBI on the orders of Indian government.
All the old notes were withdrawn from the people by the RBI and new notes were issued and delivered to the people through banks. Only the new look notes introduced by RBI are currently in circulation. However, in this process people had to face some problems. But after some time everything became normal. Because old notes had to be taken back from all over India and new notes had to be delivered to them.
India’s biggest bank, who is the bank of banks
Although RBI is not India’s oldest or India’s first bank because RBI was established in 1935. And it was nationalized in 1949. As the functioning of RBI was working differently than other banks. Which was suggested by Babasaheb Ambedkar. And because of its working system, it was chosen as the central bank of India and nationalized.
Since RBI is the central bank, it is the responsibility of RBI to manage the banking system. That’s why RBI controls all other banks of India as well, that’s why RBI is called bank of banks.
All banks follow the guidelines of RBI only. Recently yes bank was on the verge of collapse. Because of which RBI had set the withdrawal limit for the customers of yes bank for its rescue mission. Which was 50,000 INR, although very soon RBI removed this limit.
lender of last resort
However, there are many banks available all over the country, which provide various types of services and give loans. But suppose that if the condition of those banks becomes very bad. Or what will happen if that bank comes on the verge of drowning. Its sinking will make a difference to different types of institutions, people etc.
If any one bank sinks then many more people may have to face the problem. That’s why RBI, being the head of the Indian banking system, also tries to protect it properly. Also applies some strict rules on it, so that it can be saved. Even provides or gets loan done.
where is the rbi office
There are 32 offices of RBI all over India which are located at 31 locations.
- Shrinagar, Reserve Bank of India, Srinagar office, Amir Manzil, 1-C, Rajbagh, Srinagar(Jammu and Kashmir)190 008
- Jammu , Rail Head Complex, Jammu – 180 012
- Shimla , 40, SDA Complex Kasumpti Shimla – 171009 Himachal Pradesh
- Chandigarh , Central Vista, Sector 17, Chandigarh – 160 017
- Dehradun , 74/1, Rajpur Road, GMVN Building Dehradun 248 001, Uttarakhand
- New Delhi , 6, Sansad Marg, New Delhi – 110 001
- Jaipur, Rambagh Circle, Tonk Road Jaipur-302 004
- Lucknow , 8-9 Vipin Khand, Gomtinagar, Lucknow-226010
- Kanpur, Reserve Bank of India, Post Box No. 82/142, M.G Road, Kanpur – 208 001
- Patna , South Gandhi Maidan, Patna – 800 001
- Ranchi, R.R.D.A. Building, Pragati Sadan (4th Floor), Kutchery Road, Ranchi – 834001
- Gangtok , Reserve Bank of India, Tseyang Djong Building National Highway 10, Amdo Golai Tadong, Gangtok Sikkim-737102
- Guwahati , Reserve Bank of India, Pan Bazaar, Station Road, Guwahati Assam- 781 001
- Shillong , Apphira Building, Fruit Garden, Shillong-Jowai Road, PO – Laitumkhrah, Shillong – 793 003, Meghalaya
- Emphal, Reserve Bank of India, Opp. Manipur Legislative Assembly, Lilashing Khongnangkhong Imphal (Manipur) – 795 001
- Aizawl , F. Kapsanga Building (3rd Floor) Opposite Assam Rifles Gate Dawrpui, Aizawl-7
- Agartala, Reserve Bank of India Old Municipal Road, 2nd Floor Jackson Gate Building, Tripura West Agartala
- Ahmedabad , Near Gandhi Bridge, Ahmedabad, India
- Bhopal , Hoshangabad Road, PB No.32, Bhopal-462 011
- Kolkata , 15, Netaji Subhas Road, Kolkata-700 001
- Raipur Subhashish Parisar Satya Prem Vihar Mahadev Ghat Road Sunder Nagar Raipur 492 013
- Nagpur , Dr. Raghavendra Rao Road Civil Lines PBNo.15 Nagpur –
- मुंबई, Post Bag No. 901 Main Building Shahid Bhagat Singh Marg, Mumbai 400001
- Belapur , 2nd Floor, Plot No. 3, HH Nirmaladevi Marg Sector 10, CBD Belapur Navi Mumbai – 400 614
- Bhubaneswar , Pt. Jawaharlal Nehru Marg, PBNo. 16, Bhubaneswar – 751001, Orissa
- Hyderabad , 6-1-56, Secretariat Road, Saifabad, Hyderabad-500 004
- Panaji , 7th Floor, Gera Imperium-II Patto, Panaji –
- Bangalore , 10/3/8, Nrupthunga Road, Bengaluru-560 001
- Chennai , Fort Glacis, No. 16, Rajaji Salai, Chennai – 600,001
- Kochi , Reserve Bank of India Ernakulam North, Post Box No. 3065 Kochi –
- Thiruvananthapuram , Reserve Bank of India Ernakulam North, Post Box No. 3065 Kochi – 682 018
some key points
Who is the governor of RBI
The current governor of RBI is Shashikant Das
What is the old name of RBI
The old name of RBI was The Imperial Bank of India.
Who was the first governor of RBI?
The first governor of RBI was Sir Osborne Smith
When and where was RBI established
RBI was established on 1 April 1935 in Kolkata. And the proposal for its establishment was brought by the Royal Commission. That’s why we can also call the Royal Commission i.e. British Raj the founder of RBI.
In this article you learned what is RBI and What is the full form of RBI. We hope this information will prove useful for you.
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University in Faizabad, India ………………… 227806