There is an apex bank in the economy of a country, which controls, regulates, and oversees all banking activities along with implementation in the formulation of monetary policy. In India this work is done by the Reserve Bank of India i.e. Reserve Bank of India. So in this way the Reserve Bank of India is playing the role of a very important and central bank of India. Many people have this question that What was the old name of Reserve Bank of India? Was the name of the Reserve Bank of India the Reserve Bank of India since the British period or is it an old name?
Because there are many banks whose name was different in British era and their name was changed after independence. So in this post we will provide you complete information about whether there was any old name of Reserve Bank of India or not. We will give you more important information related to Reserve Bank of India (RBI) in this post, so you stay in this post from beginning to end so that you can get important information about this bank.
What was the old name of Reserve Bank of India?
Whenever you search on Google what was the old name of Reserve Bank of India? So in some posts you will be told its name as Imperial Bank of India. But this information is absolutely wrong because the name Imperial Bank of India was State Bank of India and not Reserve Bank of India.
So this information is absolutely wrong, that the old name of Reserve Bank of India was The Imperial Bank of India, it was called Reserve Bank of India (RBI) by the British. So in this way it has remained the same name from the British period till the present, it did not have any old name.
When was the Reserve Bank of India established and what is its history?
The Reserve Bank of India was established on 1 April 1935 as per the Reserve Bank of India Act 1934. Dr. Bhimrao Ambedkar played an important role in the creation of the Reserve Bank of India.
Dr. Bhimrao Ambedkar presented his views related to the Reserve Bank of India before the Hilton Young Commission, when the Hilton Young Commission came to India in 1962 as the Royal Commission on Indian Currency and Finance. Initially the headquarter of this bank was in Kolkata, in 1937 the headquarter of the bank was permanently shifted to Mumbai. At present its headquarter is in Mumbai itself.
Reserve Bank of India has a total of 29 Regional Offices across India. Which is mostly located in all the state capitals. This bank was nationalized on 1 January 1949 in independent India. Presently the Reserve Bank of India is functioning as a central bank of the Government of India. And the role of this bank is very important as it acts as a central bank.
Major Functions of Reserve Bank of India
In an economy, the central bank is the only system to issue notes, in India this central bank is the Reserve Bank of India.
- To establish uniformity in currency.
- Controlling the money supply.
- To build public confidence in currency issue and circulation.
- To provide financial assistance to commercial banks in times of crisis.
- To assist in settlement of bank disputes.
- To protect the interests of the banking customers of the country, and to redress their grievances.
- To formulate policy for economic development.
- Financial advisor to the government.
- Providing loans and advances to the government.
- To purchase Treasury bills issued by the government.
- Depositing money on behalf of the government and making payments when needed.
- To stabilize the exchange rate of the Indian currency.
- To announce monetary and credit policy.
- To act as an agent of government in world class institutions like International Monetary Fund etc.
- To stabilize the inflation rate.
- To work for the development and promotion of the economy.
- Formulate, implement, and monitor monetary policy for the country’s economy.
- The Reserve Bank of India publishes reliable information about the currency, creditworthiness and economic condition of the country.
- Preparation of report on the trend of banking in India.
Composition of Reserve Bank of India
The Reserve Bank of India is governed by the Central Board of Directors, its composition is as follows.
- There is a full time governor. (Presently Shaktikanta Das)
- There are four deputy governors. (currently Michael D. Patra, Mukesh Jain, Rajeshwar Rao, and Ravi Shankar.)
So in this way the Reserve Bank of India is made up of five members.
In this post we gave you an important information that there was no old name of Reserve Bank of India. If in any post you find its name Imperial Bank of India, then that information is wrong. We have told you this thing in this post. The name of this bank has remained the same from the British period till the present. No change has been made in its name. Reserve Bank of India is a central bank of India, and its role is greater than that of other banks. To stratify foreign exchange rate, to achieve stable economic growth, to optimize trade, to provide the amount of credit.
These many important functions are done by RBI. We have told you more things in this post. Which are done by the Reserve Bank of India. Hope you liked this post, share it as much as possible with your friends. So that they can also get important information about this bank. And to read our posts on other such important topics, please visit our website again. Do leave your opinion in the comment box, we will welcome your opinion, thanks for reading the post!
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What is in the logo of Reserve Bank of India?
The insignia of the Reserve Bank of India bears a tiger and a palm tree. In place of the earlier tiger, there was a symbol of a lion. But now the symbol of the garden is inscribed.
When was the Reserve Bank of India nationalised?
The Reserve Bank was nationalized on 1 January 1949.
Where is the present headquarter of Reserve Bank of India?
The Reserve Bank of India is currently headquartered in Mumbai (Maharashtra).
Where was the first headquarter of Reserve Bank of India?
Earlier the headquarter of Reserve Bank of India was in Kolkata. Transferred to Mumbai in 1937.