Reserve Bank of India (RBI)

-RBI was formed on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton–Young Commission.

-It established on 1st April 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

-Indian Government nationalised RBI in 1949.

-RBI first Governor was - Sir Osborne Smith

-RBI first Indian Governor was - C.D. Deshmukh

-RBI first female Governor - No one till date

-Headquarter of RBI - Mumbai

-Local Boards of RBI - Kolkatta (East), Mumbai (West), Delhi (North), Chennai (South)

-Regional offices of RBI - 19

- Sub offices of RBI - 9

-RBI financial Year - 1st July to 30 June

-Indian Government financial Year - 1st April to 31st March

-Policy / Decision making body of RBI - Central Board of Directors

-Total members in central board of Directors - 21

-Central Government nominates 10 members to the RBI Board.

-2 members nominated by Finance Ministry to RBI Board.

-4 members nominated from local boards (Delhi, Mumbai, Kolkatta, Chennai)

-Present Governor of RBI - Raghuram Rajan

-Previous Governor - D. Subbarao

-Deputy Governor of RBI - 4

1. Harun Rashid Khan
2. Urjit Patel
3. Rama Subramaniam Gandhi
4. Subhash Sheoratan Mundra (He replaced K.C. Chakrabarty who resigned)

-Central Government can appoint the Governor for 5 years but it usually appoint for 3 years and later extend it after seeing their performance.

-COO (Chief operating Officer): RBI has recommended to the government to form new post in the RBI. It can be done only by amending the RBI Act.