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Old June 6th, 2013, 04:55 PM
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Default RBI Bank History

Give me History of Reserve Bank of India?
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Old June 7th, 2013, 01:05 PM
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Default Re: RBI Bank History

: The Reserve Bank of India is India's central banking institution. It was established on 1 April 1935. It controls the monetary policy of the Indian rupee.

Reserve Bank of India was constituted to:
Regulate the issue of banknotes
Maintain reserves with a view to securing monetary stability and
To operate the credit and currency system of the country to its advantage.

Following is list of Governers:

Sir Osborne Smith
Sir James Taylor
Sir C D Deshmukh
Sir Benegal Rama Rau
K G Ambegaonkar
H V R Iengar
P C Bhattacharya
L K Jha
B N Adarkar
S Jagannathan
N C Sen Gupta
K R Puri
M Narasimham
Dr. I G Patel
Dr. Manmohan Singh
A Ghosh
R N Malhotra
S Venkitaramanan
Dr. C Rangarajan
Dr. Bimal Jalan
Dr. Y V Reddy
Dr. D. Subbarao

Originally Posted by Unregistered View Post
Give me History of Reserve Bank of India?
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Old October 27th, 2015, 03:31 PM
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Default Re: RBI Bank History

Hi sir I am preparing for the IAS exam and want to know about the history and land marks of RBI bank please give me detail of it?
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Old October 27th, 2015, 03:32 PM
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Join Date: Jun 2013
Posts: 42,231
Default Re: RBI Bank History

As per your demand I am providing you the history and landmarks achieved by RBI

The Reserve Bank of India is the central bank of the country entrusted with monetary stability, the management of currency and the supervision of the financial as well as the payments system.

This bank was Established in 1935,

Land marks of RBI

In 1926, the Royal Commission on Indian Currency and Finance recommended creation of a central bank for India.
In 1927, a bill to give effect to the above recommendation was introduced in the Legislative Assembly, but was later withdrawn due to lack of agreement among various sections of people.
In 1933, the White Paper on Indian Constitutional Reforms recommended the creation of a Reserve Bank. A fresh bill was introduced in the Legislative Assembly.
In 1934, the Bill was passed and received the Governor General’s assent
In 1935, Reserve Bank commenced operations as India’s central bank on April 1 as a private shareholders’ bank with a paid up capital of rupees five crore.
In 1942 Reserve Bank ceased to be the currency issuing authority of Burma (now Myanmar).
In 1947, Reserve Bank stopped acting as banker to the Government of Burma.
In 1948, Reserve Bank stopped rendering central banking services to Pakistan.
In 1949, the Government of India nationalized the Reserve Bank under the Reserve Bank (Transfer of Public Ownership) Act, 1948. In 1949, Banking Regulation Act was enacted.
In 1951, India embarked in the Planning Era.
In 1966, the Cooperative Banks came within the regulations of the RBI. Rupee was devaluated for the first time.
In 1969, Nationalization of 14 Banks was a Turning point in the history of Indian Banking.
In 1973, the Foreign Exchange Regulation act was amended and exchange control was strengthened.
In 1974, the Priority Sector Advance Targets started getting fixed.
In 1975, Regional Rural Banks started
In 1985, the Sukhamoy Chakravarty and Vaghul Committee reports embarked the era of Financial Market Reforms in India.
In 1991, India came under the Balance of Payment crisis and RBI pledged Gold to shore up reserves. Rupee was devaluated.
In 1991-92, Economic Reforms started in India.
In 1993, Exchange Rate became Market determined. In 1994, Board for Financial Supervision was set up.
In 1997, the regulation of the Non Banking Financial Companies (NBFC) got strengthened.
In 1998, Multiple Indicator Approach for monetary policy was adopted for the first time.
In 2000, the Foreign Exchange Management Act (FEMA) replaced the erstwhile FERA.
In 2002, The Clearing Corporation of India Ltd Started operation.
In 2003, Fiscal Responsibility and Budget Management Act (FRBMA) enacted. In 2004, Liquidity Adjustment Facility (LAF) started working fully.
In 2004, Market Stabilization Scheme (MSS) was launched.
In 2004 Real Time Gross Settlement (RTGS) started working.
In 2006, Reserve Bank of India was empowered to regulate the money, forex, G-Sec and Gold related security markets.
In 2007, Reserve bank of India was empowered to regulate the Payment systems.
In 2008-09, world under the grip of Global Financial Slowdown, RBI Proactive.
Answered By StudyChaCha Member
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