Reserve Bank of India (RBI) Foundation day – 1st April: The Foundation Day of the Reserve Bank of India is celebrated on 1st April every year.About Reserve Bank of IndiaRBI was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934. It started functioning from 1 April 1935. The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.
April 2023 Current Affairs Quiz
It was nationalized in 1949 and now the government of India is the owner of RBI. It has the power to regulate Banks under the Banking Regulation Act 1949. It has the power to regulate the Non-Banking Financial Company (NBFC) under the RBI act 1934.
RBI is also the regulator of the digital payment system under the Payment and settlement act 2007. Before independence till 1942 RBI used to issue currency not only for India but also for Myanmar which was then known as Burma. However, it was discontinued after 1947.
Headquarters of RBI: Mumbai
Governor of RBI : Shaktikanta Das
Major functions of RBI
Formulation, implementation and monitoring of monetary policy. To maintain price stability keeping in view the objective of growth. Sir Osborne Smith was made the first Governor of RBI. To lay down broad norms for banking operations. To protect the interests of the depositors and to provide affordable banking services to the general public. Administration of Foreign Exchange Management Act, 1999. Issuance and exchange of currency. Role of merchant bank for central and state governments.
