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Finance > Overview > RBI
The Reserve Bank of India
Reserve Bank of India, the Central Bank of the country, is at the center
of the Indian Financial and Monetary system. RBI is an Institution of
recent vintage as compared to some of its counterparts in developed
countries like US, UK, Sweden and Germany. However, among the developing
countries it is the oldest. It was inaugurated on April 1, 1935 as a
private shareholders' institution under the Reserve Bank of India Act
1934. It was nationalised in January 1949, under the Reserve Bank
(Transfer to Public Ownership) of India Act, 1948. This act empowers the
central government, in consultation with the Governor of the Bank, to
issue such directions to RBI as might be considered necessary in the
public interest . RBI is governed by a Central Board of Directors with 20
members consisting of the Governor and the Deputy Governors. The Governor
and the deputy Governors of the Bank are Government of India appointees.
Functions of the RBI - Click here