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
1. |
Dr. D. Subbarao
Governor
Reserve Bank of India
Central Office
Mumbai 400 001. |
@11. |
Shri Kumar Mangalam Birla
Chairman,
Aditya Birla Group of Companies
Aditya Birla Centre,
S. K. Ahire Marg, Worli
Mumbai – 400 030 |
2. |
Dr. K.C. Chakrabarty
Deputy Governor
Reserve Bank of India
Central Office
Mumbai 400 001. |
@12 |
Prof. Dipankar Gupta
1 Palam Marg (Annexe)
Vasant Vihar
New Delhi 110 057 |
3. |
Shri Anand Sinha
Deputy Governor
Reserve Bank of India
Central Office
Mumbai 400 001. |
@13. |
Shri Najeeb Jung
V.C. Lodge
Khan Abdul Ghaffar Khan Enclave
Jamia Nagar
New Delhi 110 025 |
4. |
Shri H.R. Khan
Deputy Governor
Reserve Bank of India
Central Office
Mumbai 400 001. |
@14. |
Shri G.M. Rao
Chairman, GMR Group
IBC Knowledge Park, Phase 2
"D" Block, 9th Floor
4/1, Bannerghatta Road
Bangalore - 560 029 |
5. |
Dr. Urjit R. Patel
B-1, Harbour Heights
3F, N.A. Sawant Road,
Colaba
Mumbai - 400 005 |
@15. |
Ms. Ela Bhatt
Self Employed Women's Association
SEWA Reception Centre,
Opp. Victoria Garden, Bhadra
Ahmedabad - 380 001 |
*6. |
Dr. Anil Kakodkar
Flat no. 1104 Bldg. No.5
Accolade Co-op Housing Society
Hajuri Dargah Road, Behind LIC,
Thane (W) 400 604 |
@16. |
Dr. Indira Rajaraman
Retired Professor of Economics
B-2 /2395, Greenglade Apartments
Vasant Kunj
New Delhi - 110 018 |
*7. |
Shri Kiran Karnik
S - 315, Panchsheel Park
New Delhi: 110 017 |
@17. |
Shri Y.C. Deveshwar
Flat 10
Fountain Court
7/1 Little Russell Street
Kolkata-700071 |
*8. |
Prof M.V. Rajeev Gowda
1361, 9th Cross
JP Nagar I Phase
Bangalore 560078 |
@18. |
Prof. Damodar Acharya
Directors’ Bungalow
IIT Kharagpur Campus
Kharagpur 721 302 |
@9. |
Shri Y.H. Malegam
Chartered Accountant
C/o S. B. Billimoria & Company
Meher Chambers (2nd floor)
R. Kamani Road, Ballard Estate
Mumbai 400 001 |
#19. |
Shri Rajiv Takru
Secretary (DFS)
Ministry of Finance
Government of India
New Delhi – 110 001 |
@10. |
Shri Azim Premji
Chairman,
WIPRO Limited
Doddakannelli,
Sarjapur Road,
Bangalore – 560033 |
#20. |
Shri Arvind Mayaram
Secretary
Department of Economic Affairs
Ministry of Finance
New Delhi |
* Directors nominated under Sect 8 (1) (b) of the RBI Act, 1934.
@ Directors nominated under Sect 8 (1) (c) of the RBI Act, 1934.
# Directors nominated under Sect 8 (1) (d) of the RBI Act, 1934 (as amended).
Dated April 02, 2013 |
|
- 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.
1. |
Shri Kiran S. Karnik
Chairman
S - 315, Panchsheel Park
New Delhi: 110 017 |
1. |
Ms. Anila Kumari
Bal Mahila Kalyan (BMK)
Vikas Ashram
Officer's Colony
Mirchaibari
Kathiar-854105
Bihar |
2. |
Shri K. Venkatesan
113, F-Block
Anna Nagar East
Chennai 600 040. |
2. |
Shri Sharif Uz-zaman Laskar
Kadiria Road
Madhurband
PO:Silchar
Dist-Cachar
Assam-788001 |
3. |
Shri Dattaraj V. Salgaocar
Managing Director
V. M. Salgaocar & Bro. Ltd.
Hira Bihar, Airport Road, Chicalim
Vasco Da Gama, Goa - 403 711 |
|
|
4. |
Shri Jayantilal B. Patel
Chairman
Sahakari Khand Udyog Mandal Ltd.
At & Post, Gandevi Sugar Factory
Taluka Gandevi, District Navsari, Via Billimora
Gujarat PIN-396 360 |
|
|
| Mumbai : Dated April 4, 2013 |
1. |
Shri Anil Kakodkar
DAE-Homi Bhabha Chair Professor
Flat No.1104, Bldg. No.5, Accolade Co-op. Hsg. Society, Hajuri Dargah Road, Behind LIC, Thane (W) , Maharashtra |
1. |
Prof. M.V.Rajeev Gowda
1361,9th Cross ,J.P.Nagar, I Phase, Bangalore-560078. |
2. |
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 |
2. |
Shri K. Selvaraj
No. 3, Subrmania Puram Road No. 2
R.S.Puram
Coimbatore-641002 |
3. |
Shri Kamal Kishore Gupta
Chartered Accountant
Kamal & Co.
1372, Kashmere Gate
Delhi 110006 |
3. |
Shri Kiran Pandurang
# 48,1st B Main Road
J.S. Nagar Sarswathipuram
Nandini layout
Bangalore-560096 |
4. |
Shri Mihir Kumar Moitra
H-205, Wembley Estate
Rosewood City
Sector-49-50
Gurgaon-122001 |
|
|
5. |
Shri A. Naveen Bhandary
Vijaya Enclave
Flat SA-23,Kumardhara Block
Sundar Ram Shetty Nagar
Bangalore -560076 |
|
|
| Mumbai : Dated March 1, 2013 |
|
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.
Regulation and Supervision of Payment systems
The Payment and Settlement Systems Act 2007(PSS Act 2007) empowers the Reserve Bank of India to regulate and supervise the payment systems in the country. The Act states that these powers will be exercised by the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) constituted by it for the purpose. The BPSS will be a Committee of the Reserve Bank of India's Central Board.
Objective and Functions
The functions of the BPSS will be to lay down policies for regulation and supervision of the payment systems in the country, laying down standards for existing and future payment systems, authorisation of payment systems, determination of the criteria for membership of payment systems including continuation, termination and rejection of membership, overseeing the administration of regulations and guidelines framed under the PSS Act 2007, issuing directions to payment system operators, calling for returns/information, etc.
Constitution
The BPSS consists of the Governor of the RBI as Chairperson, Deputy Governors as Members out of whom the Deputy Governor who is in charge of the Department of Payment and Settlement Systems will be the Vice Chairperson and three Directors of Reserve Bank of India Central Board will be members.
Two Executive Directors of Reserve Bank of India and its principal Legal Adviser will be permanent invitees to the meetings. Persons with experience in the field of payment and settlement systems may be invited to the meetings of the BPSS either as permanent or ad-hoc invitees.
BPSS is assisted by the Department of Payment and Settlement Systems.
Current Focus
-
Authorisation/ refusal of authorisation of/to payment systems.
-
To lay down policies for encouraging the movement from paper-based payment systems to electronic modes of payments.
-
Setting up of the regulatory framework of newer payment methods.
-
Enhancement of customer convenience in payment systems.
-
Improving security and efficiency in paper-based and electronic modes of payment.
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
- Payment and Settlement Systems Act 2007: Regulation and supervision of the payment systems.
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.
- Regulator and supervisor of the payment systems
- Authorises setting up of payment systems
- Lays down standards for operation of the payment system
- Issues direction, calls for returns/information from payment system operators.
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 19 regional offices, most of them in state capitals and 9 Sub-offices.
Has five training establishments
- Two, namely, College of Agricultural Banking 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: Deposit Insurance and Credit Guarantee
Corporation of India(DICGC), Bharatiya Reserve Bank Note Mudran
Private Limited(BRBNMPL)
Majority stake:
|