Reserve Bank of India


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Reserve Bank of India

 

the central state bank of issue of India, founded in 1935. The bank was nationalized on Jan. 1, 1949, the central government buying all the bank capital from the stockholders. The bank has the exclusive right to issue money and control monetary circulation, float bonds, and control the state debt under the authority of the central government and governmental agencies of the individual states. It keeps assets and handles accounts for the central government and state governmental agencies. It sets the bank discount rate by which promissory notes and other commercial documents are redis-counted, sold, or purchased. It holds compulsory bank reserves and grants credit to other banks, the central government, and state governmental agencies. The bank stores the country’s gold and currency reserves and buys and sells gold, silver, and foreign currency.

The Reserve Bank of India has capital of 50 million Indian rupees and bank reserves of 1.5 billion Indian rupees. As of Nov. 30, 1974, the balance sum was 89 billion Indian rupees, central government deposits were 590 million, commercial bank deposits were 5.7 billion, total investments in governmental securities were 5.9 billion, the total of bank notes issued was 59.7 billion, and gold and currency reserves were 8.8 billion.

V. N. BARYSHEV

References in periodicals archive ?
"The Appointments Committee of the Cabinet has approved the appointment of Shaktikanta Das, former Secretary, Department of Economic Affairs, as Governor of the Reserve Bank of India (RBI) for a period of three years," an official order said.
'The Reserve Bank has set up an office of the banking ombudsman for the state of Jammu and Kashmir at Reserve Bank of India, Jammu,' RBI said.
"Reserve Bank of India (RBI) has come out with its policy statement.
Commenting on the latest Reserve Bank of India's decision to curtail the validity period of cheques and drafts, a senior banker said, the three-month validity period is a good enough time for conciliation of these instruments.
Yogesh Dayal, Chief General Manager, Reserve Bank of India, said on Saturday that all such reports are "not factually correct."
An inspection of the books and accounts of the company was conducted under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) during August, 2016.
Summary: New Delhi (India), Dec 18 (ANI): Former Prime Minister and seasoned economist Manmohan Singh opined that the Reserve Bank of India (RBI) and central government should find ways to work in close coordination and harmony.
The Reserve Bank of India exercised the powers vested in it under the provisions of Section 47 A (1) (c) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violating directives contained in para 3 of Reserve Bank of India Circular No.
The Reserve Bank of India (RBI) governor, Raghuram Rajan, has been honoured with the Central Banker of the Year Award (Global and Asia Pacific) for 2016 by 'The Banker', the Press Trust of India has reported.

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