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Basic Information
Established: Headquarters : Governor: Alias Name: Currency: Reserves: 1st April, 1935 Mumbai, Maharashtra, India Duvvuri Subbarao Central Bank of India Indian Rupee (INR) $287.37 billion (2009)
History
1935 2009 Operations begin on April 1, 1935 to respond to economic troubles after the first world war. Since 1949, RBI has been fully owned by the Government of India Between 1969 and 1980 the Indian government nationalized 20 banks. 1991: India faces balance of payment crisis; pledges gold to shore up reserves. Rupee devalued.
Structure of RBI
The Reserve Bank is wholly owned by the Government of India. The Central Board of Directors oversees the Reserve Banks business. Central Board of Directors 1 Governor 4 Deputy Governors, at a maximum Non-Official Directors 4 directorsnominated by the Central Government to represent each local board. 10 directors nominated by the Central Government with expertise in various segments of the economy.
Direct Instruments: Cash Reserve Ratio (CRR) Statutory Liquidity Ratio (SLR) Refinance facilities
Indirect Instruments: Liquidity Adjustment Facility (LAF) Open Market Operations (OMO) Market Stabilisation Scheme (MSS) Repo/reverse repo rate Bank rate
Tools:
1. 2. 3. 4. 5. Non-interest earning current accounts Deposit Account Department Remittance facilities Lender of the last resort Loans and advances
Tools:
Retail payment systems Large value systems Department of Payment and Settlement Systems Department of Information Technology
Tools:
Lead Bank Scheme Directed credit for lending to priority sector and weaker sections Sector specific refinance Strengthening and supporting small local banks
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