RBI (Reserve Bank Of India)
Established = 1st April 1935 by
Headquarter = Mumbai Current Governor= Shaktikant dash
RBI was established on 1st April 1935. On the recommendation of Hilton young commission.
First the headquarter was in Kolkata but in the year 1937 it was shifted to Mumbai.
RBI was nationalised in the year 1949. (By Banking Regulation Act 1949).
First Governor of RBI was Osborn Smith. ( Before independent)
After Independent the 1st Governor of RBI was C.D. Deshmukh (Chintamani Dwarikadash Deshmukh).
Short Hisroy:=
In 1926 Hilton Young commission recommended setting up a Central bank i.e. Reserve Bank of India.
At the time of establishment, the authorized capital of the Reserve Bank of India was 5 crores. The government's share in this was only 20-22 lakhs.
The Reserved Bank of India was founded on 1st April 1935 to responds to economics trouble after the 1st World War. The Bank was set up based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, which is also known as the Hilton young commission. The Central Legislative Assembly passed these guidelines as the RBI Act 1934.
Structure of RBI:=
The Central Board of Directors is the main committee of the central bank. The Government of India appoints the directors for a term of four years. The board consists of a governor, and no more than four deputy governors.
Two of the four deputy governors are traditionally from the RBI rank and are selected from among the executive directors of the bank. One is nominated from among the chairpersons of public sector banks and the other is an economist.
The current Governor of RBI is Shaktikant Dash.
