Reserve Bank of India

• Known as Central Bank of India
• RBI comes into existence in 1935 Aprl 1st
• The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission.
• RBI was nationalized in 1949 January 1st
• Head Quarters – Mumbai
• RBI introduced first currency notes in 1938.
• In 1987 RBI introduced 500 rupee notes.
• In 1996 Gandhi series notes were introduced.
• First governor of RBI - Osborne Smith
• The first Indian who held the post of RBI governor – C D Desmukh
• The first RBI governor who put his signature in Indian currency notes- James Braid Taylor
• 15th governor of RBI – Manmohan Singh
• 23rd governor of RBI – Raghuram Rajan
• First women deputy chairperson of RBI – K J Udhesi
• Cash Reserve Ratio – Is the minimum amount of reserves that must be held by a commercial bank.
• Repo rate - Repo rate is the rate at which RBI lends to its clients generally against government securities.
• Reverse repo rate - Reverse Repo rate is the short term borrowing rate at which RBI borrows money from banks.
• Banking Ombudsman scheme comes into existence in 2006.
• There are 17 languages in Indian currency notes.
• RBI represents India in IMF and World Bank.