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Establishme
Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.Preamble
The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as:
“…to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.”
Central Board
The Reserve Bank’s affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.
- Appointed/nominated for a period of four years
- Constitution:
- Official Directors
- Full-time : Governor and not more than four Deputy Governors
- Non-Official Directors
- Nominated by Government: ten Directors from various fields and two government Officials
- Others: four Directors – one each from four local boards
- Profile of Central Board Directors
Functions : General superintendence and direction of the Bank’s affairs