The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
The Central Office of the
Reserve Bank was initially established in Calcutta but was
permanently moved to Mumbai in 1937. The Central Office
is where the Governor sits and where policies are formulated.
Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.
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."
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.
Functions : General superintendence and direction of the Bank's affairs
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1.
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Dr. Y. V. Reddy
Governor
Reserve Bank of India
Central Office
Mumbai 400 001.
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@11.
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Dr. Ashok S. Ganguly
Firstsource Solutions Limited.
Peninsula Chambers, 6th floor,
Ganpatrao Kadam Marg,
Lower Parel
Mumbai - 400 013
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2.
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Dr. Rakesh Mohan
Deputy Governor
Reserve Bank of India
Central Office
Mumbai 400 001. |
@12.
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Shri Azim Premji
Chairman,
WIPRO Limited
Doddakannelli,
Sarjapur Road,
Bangalore – 560033
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3.
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Shri V. Leeladhar
Deputy Governor
Reserve Bank of India
Central Office
Mumbai 400 001. |
@13.
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Shri Kumar Mangalam Birla
Chairman,
Aditya Birla Group of Companies
Aditya Birla Centre,
S. K. Ahire Marg, Worli
Mumbai – 400 030
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4.
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Smt. Shyamala Gopinath
Deputy Governor
Reserve Bank of India
Central Office
Mumbai 400 001.
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@14.
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Smt. Shashi Rekha Rajagopalan
Plot No. 10, Saket Phase 2
Kapra, ECIL Post
Hyderabad – 500 062
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5.
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Smt. Usha Thorat
Deputy Governor
Reserve Bank of India
Central Office
Mumbai 400 001.
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@15.
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Shri Suresh Neotia
Chairman
Gujarat Ambuja Cements Ltd.
248, Okhla Industrial Estate, Phase- III
New Delhi – 110 020
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*6.
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Shri Y.H. Malegam
Chartered Accountant
C/o S. B. Billimoria & Company
Meher Chambers (2nd floor)
R. Kamani Road, Ballard Estate
Mumbai 400 001.
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@16.
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Dr. A. Vaidyanathan
B-1, Sonali Apartment, Old No. 11
Beach Road, Kalakshetra Colony
Chennai – 600 090
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*7.
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Shri Suresh D. Tendulkar
Economist,
AD-86-C,
Shalimar Bagh,
New Delhi - 110 088
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@17.
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Prof. Man Mohan Sharma
2/3 Jaswant Baug (Runwal Park),
Behind Akbarallys, Chembur Naka
Mumbai – 400 071
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*8.
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Prof. U. R. Rao
Chairman, Physical Research Laboratory
Department of Space,
Government of India
Antariksh Bhavan, New BEL Road
Bangalore – 560 094
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@18.
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Dr. D. Jayavarthanavelu
Chairman & Managing Director
Lakshmi Machine Works Limited
Periyanaickan Palayam
Coimbatore -641020
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*9.
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Shri Lakshmi Chand
IAS (Retd.),
Room No.328, `C' Wing, 2nd Floor,
August Kranti Bhawan
New Delhi – 110 066
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@19.
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Shri Sanjay Labroo
Managing Director & CEO
Asahi India Glass Ltd.
Global Business Park
Tower - B, 5th Floor'
Mehrauli - Gurgaon Road
Gurgaon - 122002 (Haryana)
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@10.
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Shri H. P. Ranina
Advocate, Supreme Court of India,
506, Raheja Centre,
214 Backbay Reclamation,
Free Press Journal Road,
Mumbai - 400 023
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#20.
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Dr. D. Subbarao
Secretary
Department of Economic Affairs
Ministry of Finance
Government of India
New Delhi – 110 001
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* Directors
nominated under Sect 8 (1) (b) of the RBI Act, 1934.
@ Directors nominated under Sect 8 (1)
(c) of the RBI Act, 1934. vide Govt. of India Notification F. No.7/2/2004-BO.I
dated June 27, 2006
# Director nominated under Sect 8 (1) (d)
of the RBI Act, 1934. Mumbai, Dated the May 10, 2006
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- One each for the four regions of the country in Mumbai, Calcutta, Chennai and New Delhi
- Membership:
- consist of five members each
- appointed by the Central Government
- for a term of four years
Functions : To advise the Central Board on local matters and to represent territorial and economic interests of local cooperative and indigenous banks; to perform such other functions as delegated by Central Board from time to time.
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| *1. |
Shri
Y.H. Malegam,
Chartered Accountant,
c/o S. B. Billimoria & Company,
Meher Chambers (2nd floor),
R. Kamani Road, Ballard Estate,
Mumbai - 400 001. |
1. |
Prof. U. R. Rao
Chairman,
Physical Research Laboratory,
Department of Space,
Antariksh Bhawan, New BEL Road
Bangalore – 560094
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| 2. |
Shri K.Venkatesan,
113, F-Block,
Anna Nagar East ,
Chennai - 600040. |
2. |
Shri Mitha Lal Mehta
Former Chief Secretary
Government of Rajasthan
5, Keshav Nagar, Gopalpura Road
Jaipur - 302 018
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| 3. |
Shri Dattaraj V. Salgaocar,
Managing Director,
V.M.Salgaocar & Bro Ltd.,
Hira Vihar, Airport Road, Chicalim,
Vasco Da Gama,
Goa - 403 711. |
3. |
Dr. Ram Nath
Ex-Professor & Vice Chancellor
CSA University of Agri. & Tech.
Plot No. 710, 'A' Block, Avas Vikas Colony,
Hanspur, Naubasta, Kanpur - 208 001
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| 4. |
Shri J.B. Patel
At & Post, Adada
Via Taluka & District Navsari
Gujarat
PIN-396445
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4. |
Dr. Pritam Singh
Director, Management Development Institute
Mehrauli Road, Sukhrali
Gurgaon - 122 001
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*1. |
Shri Suresh D. Tendulkar
Economist,
AD-86-C,
Shalimar Bagh,
New Delhi - 110 088
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*1. |
Shri Lakshmi Chand,
Retd. IAS, C-12,
Sector - 14, Noida,
U. P. 201301.
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| 2. |
Shri A.K. Saikia,
Retd. IAS,
H-8, Sector-27,
Noida - 201 301. |
2. |
Shri C. P. Nair,
Retd. Chief Secretary to Government of Kerala,
Narayaneeyam,
Jawahar Nagar,
Thiruvananthapuram - 695 041. |
| 3. |
Shri Sovan Kanungo,
Retd. IAS,
17/404, East End Apartments,
Mayur Vihar I (Extension),
New Delhi - 110 096. |
3. |
Dr S.Ramachander,
Director,
Institute for Financial Management and Research,
30, Kothari Road,
Chennai - 400 034. |
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4. |
Dr.M. Govinda Rao.
Director,
National Institute of Public Finance and Policy,
18/2, Satsang Vihar Marg,
Special Institutional Area (Near JNU)
New Delhi - 110 067. |
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5. |
Smt. Devaki Jain,
Tharangavana, D-5, 12th Cross,
RMV Extension,
Bangalore - 560080. |
*
Representative on the Central Board, appointed w.e.f. November 27,
2000.
Mumbai, dated May 10, 2002. |
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The Reserve Bank of India performs this
function under the guidance of the Board for Financial Supervision (BFS).
The Board was constituted in November 1994 as a committee of the Central
Board of Directors of the Reserve Bank of India.
Objective
Primary objective of BFS is to undertake
consolidated supervision of the financial sector comprising commercial
banks, financial institutions and non-banking finance companies.
Constitution
The Board is constituted by co-opting four
Directors from the Central Board as members for a term of two years and
is chaired by the Governor. The Deputy Governors of the Reserve Bank are
ex-officio members. One Deputy Governor, usually, the Deputy Governor
in charge of banking regulation and supervision, is nominated as the Vice-Chairman
of the Board.
BFS meetings
The Board is required to meet normally
once every month. It considers inspection reports and other supervisory
issues placed before it by the supervisory departments.
BFS through the Audit Sub-Committee also
aims at upgrading the quality of the statutory audit and internal audit
functions in banks and financial institutions. The audit sub-committee
includes Deputy Governor as the chairman and two Directors of the Central
Board as members.
The BFS oversees the functioning of Department
of Banking Supervision (DBS), Department of Non-Banking Supervision (DNBS)
and Financial Institutions Division (FID) and gives directions on the
regulatory and supervisory issues.
Functions
Some of the initiatives taken by BFS include:
- restructuring of the system of bank inspections
- introduction of off-site surveillance,
- strengthening of the role of statutory auditors and
- strengthening of the internal defences of supervised
institutions.
The Audit Sub-committee of BFS has reviewed
the current system of concurrent audit, norms of empanelment and appointment
of statutory auditors, the quality and coverage of statutory audit reports,
and the important issue of greater transparency and disclosure in the
published accounts of supervised institutions.
Current Focus
- supervision of financial institutions
- consolidated accounting
- legal issues in bank frauds
- divergence in assessments of non-performing assets and
- supervisory rating model for banks.
Umbrella Acts
Acts governing specific
functions
- Public Debt Act, 1944/Government Securities Act (Proposed): Governs government debt market
- Securities Contract (Regulation) Act, 1956: Regulates government securities market
- Indian Coinage Act, 1906:Governs currency and coins
- Foreign Exchange Regulation Act, 1973/Foreign
Exchange Management Act, 1999: Governs trade and foreign exchange market
Acts governing Banking Operations
- Companies Act, 1956:Governs banks as companies
- Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980: Relates to nationalisation of banks
- Bankers' Books Evidence Act
- Banking Secrecy Act
- Negotiable Instruments Act, 1881
Acts governing Individual Institutions
- State Bank of India Act, 1954
- The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
- The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993
- National Bank for Agriculture and Rural Development Act
- National Housing Bank Act
- Deposit Insurance and Credit Guarantee Corporation
Act
Monetary Authority:
- Formulates, implements and monitors the monetary policy.
- Objective: maintaining price stability and ensuring adequate flow of credit to productive sectors.
Regulator and supervisor of the financial
system:
- Prescribes broad parameters of banking operations within which the country's banking and financial system functions.
- Objective: maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public.
Manager of Foreign Exchange
- Manages the Foreign Exchange Management Act, 1999.
- Objective: to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.
Issuer of currency:
- Issues and exchanges or destroys currency and coins not fit for circulation.
- Objective: to give the public adequate quantity of supplies of currency notes and coins and in good quality.
Developmental role
- Performs a wide range of promotional functions to support national objectives.
Related Functions
- Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.
- Banker to banks: maintains banking accounts of all scheduled banks.
- Has
4 regional offices
,15 branches and 5 sub-offices.
Has six training establishments
- Three, namely, College of Agricultural Banking, Bankers Training College and Reserve Bank of India Staff College are part of the Reserve Bank
- Others are autonomous, such as, National Institute for Bank Management, Indira Gandhi Institute for Development Research (IGIDR), Institute for Development and Research in Banking Technology (IDRBT)
For details on training establishments,
please check their websites links which are available in Other
Links.
Fully owned: National
Housing Bank(NHB), Deposit Insurance and Credit Guarantee
Corporation of India(DICGC), Bharatiya Reserve Bank Note Mudran
Private Limited(BRBNMPL)
Majority stake: State Bank
of India and National Bank for Agriculture
and Rural Development(NABARD).
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