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In 1921, the three Presidency banks were amalgamated to form Imperial Bank of India viz. Bank of Calcutta, Bank of Bengal and Bank of Madras. J.M.Keynes was the first economist who recommended formation of central bank in India as a whole. Accordingly, Hilton Young Commission was recommended for setting up of a central bank known as RBI . Govt had Central Banking Committee in 1931. After submission of the report of Central Banking Committee , RBI Act was passed in 1934. As a result, RBI was set up in 1935 with an initial capital of Rs. 5 crores.
Central Bank
RBI was designed on the lines of Bank of England popularly known as Mother of Central Bank . The Executive Head of RBI is known as Governor and the day to day working of RBI is governed by Board of Directors. RBI performs traditional & non-traditional (promotional) functions. The Traditional functions include: 1. Issue of Currency 2. Agent, Banker & an advisor to the Govt. 3. Banker s Bank 4. Control of Credit 5. Clearing House Function 6. Foreign Exchange Management & Control 7. Source of Monetary & Banking data