Hello friends, as we promised to provide here some short notes on most important banking awareness questions which will be very useful for IBPS PO/clerk/RRB exams. Today we are going publish history, organizations and offices of Reserve Bank of India.
History & Organization of Reserve Bank of IndiaReserve Bank of India (RBI) is the central Bank of India. There were several procedure and attempts had been taken in order to set up the central bank up to 1934. In 1921, the Imperial Bank of India was established to perform as central bank of India by the British Government. But unfortunately Imperial Bank failed to show its performance up to the mark and didn't achieve any success as the Central Bank. Then the Government asked the Hilton Young Commission in 1925 to view on this subject. The commission submitted their reports saying that one single organization can’t be able to act as two separate agencies (both credit and currency control). So, it’s required to set up a brand new central bank. In 1st April 1935, Reserve Bank of India was set up. In January, 1949, RBI was nationalized.
Headquarter and local offices of RBIIn Mumbai, the headquarter of RBI is located. Also the local offices of RBI are located in New Delhi, Kolkata, Chennai, Bangalore,Kanpur, Ahmedabad, Hyderabad, Patna and Nagpur. The offices of RBI are divided into four regions which are Eastern, Western, Sothern and Northern. One local boards or offices are located in each of regions. In each local board, there are five members who are appointed by the Central Government for 4-years. Among the members, one is elected as Chairman in each local board.
Organisation of Reserve Bank of IndiaAs per the RBI Act, the organisation of RBI comprises with Central Board of Directors which is the leading governing body of RBI. The Central Board of Directors in RBI comprises of 20 members which are-
- 1 Governor
- 4 Deputy Governors
- 4 Directors
- 10 other Directors
- 1 Government Official