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Departments

Consumer Education and Protection Department
Corporate Strategy and Budget Department
Department of Regulation
Department of Supervision
Department of Communication
Department of Currency Management
Department of Economic and Policy Research
Department of External Investments and Operations
Department of Government and Bank Accounts
Department of Information Technology
Department of Payment and Settlement Systems
Department of Statistics and Information Management
Enforcement Department
Financial Inclusion and Development Department
Financial Markets Operation Department
Financial Markets Regulation Department
Financial Stability Unit
Foreign Exchange Department
Human Resource Management Department
Inspection Department
Internal Debt Management Department
International Department
Legal Department
Monetary Policy Department
Premises Department
Rajbhasha Department
Risk Monitoring Department
Secretary's Department
Central Vigilance Cell

List of Executives

GOVERNOR

Telephone

Fax No.

Shri Shaktikanta Das
Governor
Reserve Bank of India
Central Office Building
18th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.

22661872
22661784

DEPUTY GOVERNORS

Telephone

Fax No.

Shri B.P. Kanungo
Deputy Governor
Reserve Bank of India
Central Office Building
19th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.
22624090 22675094
Shri M. K. Jain
Deputy Governor
Reserve Bank of India
Central Office Building
19th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.
22611097 22675277
Dr. M. D. Patra
Deputy Governor
Reserve Bank of India
Central Office Building
19th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.
   
Shri M. Rajeshwar Rao
Deputy Governor
Reserve Bank of India
Central Office Building
Shahid Bhagat Singh Road
Mumbai-400 001.
   

EXECUTIVE DIRECTORS

Telephone

Fax No.


Executive Director,
Reserve Bank of India
Central Office Building
Shahid Bhagat Singh Road
Mumbai-400 001.
22632591 22664402
Shri Anil K. Sharma
Executive Director,
Reserve Bank of India
Central Office Building
17th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.
22611083 22632052
Shri S. C. Murmu
Executive Director,
Reserve Bank of India
Central Office Building
Shahid Bhagat Singh Road
Mumbai-400 001.
22700932  
Shri T. Rabi Sankar
Executive Director,
Reserve Bank of India
Central Office Building
Shahid Bhagat Singh Road
Mumbai-400 001.
22611765  
Shri P. Vijaya Kumar
Executive Director,
Reserve Bank of India
Central Office Building
17th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.
22611080  
Smt. Indrani Banerjee
Executive Director,
Reserve Bank of India
Central Office Building
16th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.
22611089 22675794
Dr. O. P. Mall
Executive Director,
Reserve Bank of India
Central Office Building
Shahid Bhagat Singh Road
Mumbai-400 001.
   
Dr. Mridul K Saggar
Executive Director,
Reserve Bank of India
16th Floor, Central Office Building
Shahid Bhagat Singh Road
Fort, Mumbai-400 001.
22634739  
Shri Saurav Sinha
Executive Director,
Reserve Bank of India
16th Floor, Central Office Building
Shahid Bhagat Singh Road
Mumbai-400 001.
22630699  
Shri Vivek Deep
Executive Director,
Reserve Bank of India
16th Floor, Central Office Building
Shahid Bhagat Singh Road
Mumbai-400 001.
22614228  
Shri Jayant Kumar Dash
Executive Director,
Reserve Bank of India
Central Office Building
Shahid Bhagat Singh Road
Mumbai-400 001.
22704222  
Smt. Sudha Balakrishnan
Chief Financial Officer
Reserve Bank of India
Central Office Building
17th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.
22611952  

DEPARTMENTS

Telephone

Fax No.

Smt. Ranjana Sahajwala
Chief General Manager
Consumer Education and Protection Department
Reserve Bank of India
1st Floor, Amar Building
Sir P.M. Road,
Mumbai-400 001.

22630483 22630482

Shri H. N. Panda
Chief General Manager
Corporate Strategy and Budget Department
Reserve Bank of India
Main Building, Shahid Bhagat Singh Road,
Mumbai-400 001.

22610468
22603261
22610535

Shri Neeraj Nigam
Chief General Manager-in-Charge
Department of Regulation
Reserve Bank of India
12th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

26571112 26571117

Shri Rohit Jain
Chief General Manager-in-Charge
Department of Supervision
Reserve Bank of India
Centre I, World Trade Centre,
Mumbai-400 005.

22182528  

Shri Yogesh Dayal
Chief General Manager
Department of Communication
Reserve Bank of India
9th Floor, Central Office Building,
Shahid Bhagat Singh Road
Mumbai-400 001.

22660502  

Shri Subrata Das
Chief General Manager-in-Charge
Department of Currency Management
Reserve Bank of India
4th Floor, Amar Building
Sir P.M. Road,
Mumbai-400 001.

22610900  

Dr. Deba Prasad Rath
Officer-in-Charge
Department of Economic and Policy Research
Reserve Bank of India
7th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22610761 22630061

Dr. Aditya Gaiha
Chief General Manager-in-Charge
Department of External Investments and Operations
Reserve Bank of India
22nd Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22618512  

Shri Nirmal Chand
Chief General Manager-in-Charge
Department of Government and Bank Accounts
Reserve Bank of India
Central Office
4th Floor, Byculla Office Building,
Opp. Mumbai Central Station,
Byculla, Mumbai - 400 008.

23016214 23008764

Shri Deepak Kumar
Chief General Manager-in-Charge
Department of Information Technology
Reserve Bank of India
14th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22624856 22691557

Shri P. Vasudevan
Chief General Manager
Department of Payment and Settlement Systems
Reserve Bank of India
14th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22644995 22691557,
22659566

Dr. Ajit Ratnakar Joshi
Officer-in-Charge
Department of Statistics and Information Management
Reserve Bank of India
C-8/9, Bandra-Kurla Complex,
Bandra,
Mumbai-400 051.

26571253 26572319

Shri R. Subramanian
Chief General Manager-in-Charge
Enforcement Department
Reserve Bank of India
Mezzanine Floor, Main Building,
Fort, Mumbai.

22650213 22660697

Shri Gautam Prasad Borah
Chief General Manager-in-Charge
Financial Inclusion and Development Department
Reserve Bank of India
10th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22610261 22610943

Shri R. S. Ratho
Chief General Manager
Financial Markets Operation Department
Reserve Bank of India,
1st floor, Main Building,
Shahid Bhagat Singh Road,
Mumbai - 400 001.

22610642 22630981

Ms Dimple Bhandia
General Manager-in-Charge
Financial Markets Regulation Department
Reserve Bank of India
Central Office
9th floor, Central Office Building
Shahid Bhagat Singh Road,
Fort Mumbai – 400 001

22676743  

Smt. Nisha Nambiar
General Manager-in-Charge
Financial Stability Unit
Reserve Bank of India
2nd& 3rd Floor, Amar Building,
Sir P.M.Road,
Mumbai-400 001.

22612214 22612853

Shri Ajay Kumar Misra
Chief General Manager-in-Charge
Foreign Exchange Department
Reserve Bank of India
11th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22610628 22610623


Human Resource Management Department
Reserve Bank of India
21st Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22611954 22658934

Shri R. L. Sharma
Chief General Manager
Inspection Department
Reserve Bank of India
C-7, Bandra-Kurla Complex
Bandra  
Mumbai-400 051.

26572308 26570399

Shri R. Gurumurthy
Chief General Manager
Internal Debt Management Department
Reserve Bank of India
23rd Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22610671 22644158

Dr. Mohua Roy
Adviser
International Department
Reserve Bank Of India
7th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22610824 22702989

Shri Unnikrishnan A
Legal Adviser and Officer-in-Charge
Legal Department
Reserve Bank of India
5th Floor, Centre I, World Trade Centre,
Mumbai-400 005.

22153480  

Dr Rajiv Ranjan
Adviser-in- Charge
Monetary Policy Department
Reserve Bank of India
24th Floor, Central Office Building
Shahid Bhagat Singh Road,
Mumbai-400 001.

22610285 22700849,
22610430


Premises Department
Reserve Bank of India
5th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22703072 22660807,
22626698

Smt. Sadhana Varma
Chief General Manager
Rajbhasha Department
Reserve Bank of India
Central Office Building, 20th floor
Shahid Bhagat Singh Road
Mumbai-400 001.

22671400 22613856

Shri Gunveer Singh
Chief General Manager
Risk Monitoring Department
Central Office
Amar Building, 3rd Floor
Sir P.M. Road
Fort
Mumbai – 400 001

22618411  

Shri Aviral Jain
Chief General Manager and Secretary
Secretary's Department
Reserve Bank of India
16th Floor, Central Office Building,
Shahid Bhagat Singh Road,
Mumbai-400 001.

22704191 22612289

Smt. Sadhana Varma
Chief General Manager & Chief Vigilance Officer
Central Vigilance Cell
Reserve Bank of India
Central Office Building, 20th floor
Shahid Bhagat Singh Road
Mumbai-400 001

22671400 22613856

Consumer Education and Protection Department

The Customer Service Department was renamed as Consumer Education and Protection Department (CEPD) in November 2014 and acts as the single nodal point for receipt and disposal of all external complaints on deficiency of services provided by the Reserve Bank of India and the reserve Bank-regulated entities. Apart from complaint redress, CEPD will also act as the nodal department for enforcing ethical behaviour by the financial services providers under the regulatory purview of the Reserve Bank. It will also create consumer awareness and educate the public on banking and financial services.

Major Functions:

  • Dissemination of instructions/information relating to customer service and grievance redress by banks and the Reserve Bank of India

  • Overseeing the grievance redress mechanism in respect of services rendered by various offices/departments of the Reserve Bank

  • Administering the Banking Ombudsman Scheme

  • Acting as a nodal department for the Banking Codes and Standards Board of India (BCSBI)

  • Ensuring redress of complaints about deficiencies in customer service in banks received directly and through CPGRAMS - Portal of Government of India.

  • Liaison between banks, Indian Banks’ Association, BCSBI, offices of Banking Ombudsmen and regulatory departments of the Reserve Bank on matters relating to customer services and grievance redress and providing policy inputs to regulatory departments of the Reserve Bank, IBA and BCSBI in this regard.

  • Compile and publish Annual Report of the Banking Ombudsman Scheme, 2006

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Corporate Strategy and Budget Department

Functions:

  • Formulation of Bank’s budget and monitoring thereof; Expenditure Rules

  • Corporate Strategy – Monitoring of Implementation

  • Formulate Business Continuity Policy and implement BCM throughout the Bank

  • Management of Superannuation Funds, actuarial valuation of liabilities annually

  • Work related to (i) Opening of offices & departments and
                             (ii) Institutes funded by the Bank

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Department of Banking Regulation

The Department of Banking Regulation exercises regulatory powers in respect of commercial banks, Local Area Banks (LABs) and Regional Rural Banks (RRBs) as per the provisions contained in the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1934, the Regional Rural Banks Act, 1975 and other related statutes.

In particular, it looks after

  • licensing, branch expansion and maintenance of statutory reserves, management and methods of operations, amalgamation, reconstruction and liquidation of banking companies.

  • regulatory oversight of select All India Financial institutions, such as, Exim Bank, Industrial Investment Bank of India (IIBI), National Bank for Agriculture and Rural Development (NABARD), National Housing Bank (NHB) and Small Industries Development Bank of India (SIDBI) and administration of the Credit Information (Regulation) Act, 2005 and regulation of credit information companies.

  • approval for setting up of subsidiaries and undertaking of new activities by commercial banks as also the regulatory functions relating to financial institutions (FIs).

  • promoting and fostering a sound, multi-faceted and competitive financial system by laying down norms for prudential regulation of commercial banks/FIs.

  • creating pro-active environment for development of new products

  • keeping itself abreast of developments domestically and globally and formulating policy responses by suggesting amendments to the existing laws/enactment of new legislation, regulation, etc.

  • striving to bring the regulatory standards of commercial banks/FIs on par with the international best practices.

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Department of Supervision

The Department of Supervision carries out the mandate of supervising all scheduled commercial banks (excluding Regional Rural Banks), Local Area Banks, Payments Banks, Small Finance Banks, Credit Information Companies, Primary Urban Cooperative Banks, Non-Banking Financial Companies, Asset Reconstruction Companies, Factoring companies and All India Financial Institutions (AIFIs) within the legal framework of the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1934, the Credit Information Companies (Regulation) Act, 2005, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Factoring Regulation Act, 2011. Although regulated by RBI, the Housing Finance Companies (HFCs) and various Rural Cooperative Banks are not supervised by RBI.

Core functions

  • Oversight on the safety and soundness of the Supervised Entities (SEs) including review of their solvency position and their regulatory compliance status within the provisions of relevant statutes;

  • Planning and undertaking various supervisory processes and procedures, including inspection, under various models / standards adopted in respect of such SEs of different constitution, business and size. The inspections / scrutinies undertaken by RBI do not amount to audit or investigations of the SEs;

  • Off-site monitoring of SEs through returns, data etc. and preparing reviews, analysis of balance sheet of banks/ AIFIs; Managing the Central Repository of Information on Large Credit (CRILC) database; Carrying out various analyses on the banking system reviews;

  • Formulating Supervisory policy consistent with the existing supervisory stance; Monitoring/ taking action with respect to banks falling under the revised Prompt Corrective Action (PCA) framework;

  • Maintaining a centralised registry of financial sector frauds and attending to the complaints with supervisory implications received against SEs from public, banks, Government, etc.;

  • Determining the criteria for the appointment of statutory auditors and special auditors and assessing audit performance and disclosure practices;

  • Framing Policy and supervising the cyber-security infrastructure and operations of SEs; analysing reports on cyber security incidents and taking necessary follow-up action including issue of advisories/ alerts/ circulars;

  • Serving as the secretariat for the Board for Financial Supervision (BFS) and the Sub-Committee of BFS;

  • Serving as the Secretariat to the Inter-Regulatory Forum (IRF), which was set up in 2012 under the aegis of the Financial Sector Development Council Sub-Committee (FSDC-SC) and functions as college of domestic supervisors viz. RBI, SEBI, IRDA and PFRDA to oversee the coordinated supervision of financial conglomerates (FCs);

  • Co-ordinating inter-agency forums such as State Level Coordination Committee (SLCC), Task Force on Urban Co-operative Banks (TAFCUB), etc.; and

  • Strengthening cross-border co-operation among supervisors by engaging with supervisors of other jurisdictions through Memorandum of Understanding (MoU)/ Letter of Co-operation (LoC) for sharing of supervisory information.

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Department of Communication

The origin of the Department of Communication could be traced to the Division of Publications and Press Relations in the then Economics Department way back in 1960’s. Recognising the widening range of functions of the Reserve Bank and its associate institutions and the need for effective publicity and public relations, the office of the Press Relations Officer was converted into a full-fledged Press Relations Section in the seventies. The Division was, in March 2007, given the status of a full-fledged department and was renamed Department of Communication (DoC).

Communication Policy

In 2008, the Reserve Bank of India for the first time, elaborated its communication policy which was placed on the RBI website with the approval of the Reserve Bank's Central Board of Directors.

Dissemination

The varied publications of the Reserve Bank are the mainstay of the Reserve Bank’s dissemination policy. Apart from the publications, speeches of the Governor and Deputy Governors provide rationale and explanations behind the policy decisions. Informal discussions with financial editors are also arranged every two months to keep open an informal channel of communication between the media and the Reserve Bank.

Dissemination of information in the Reserve Bank is centralised. The present communication channels used by DoC for dissemination of information are:

  • Press releases, press summaries of reports and publications, speeches of Governor/Deputy Governors and rejoinders;

  • Press conferences, economic editors’ conferences and media briefings;

  • Meetings/interviews of press persons with the Reserve Bank officials;

  • Emails;

  • Learning sessions for media

  • Brochures/pamphlets;

  • Website;

  • Advertisements;

  • Periodicals.

Feedback

As a 360-degree communication process, the Reserve Bank actively seeks feedback from stakeholders on regulations through its website. Department of Communication also monitors reports appearing in the newspapers, journals and news agencies and television and prepares a daily news summary of important news items in national media.

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Department of Co-operative Banking Regulation

The Department of Co-operative Banking Regulation (DCBR) regulates State Co-operative Banks (StCBs), District Central Co-operative Banks (DCCBs) and Primary Cooperative Banks, popularly known as Urban Cooperative Banks (UCBs).

UCBs are primarily registered as cooperative societies under the provisions of either the State Cooperative Societies Act of the State concerned or the Multi State Cooperative Societies Act, 2002. StCBs/DCCBs, which are part of short-term co-operative credit structure, are registered under the provisions of State Cooperative Societies Act of the State concerned. Since March 1, 1966 the banking laws were applied to cooperatives societies. Since then there is duality of control over StCBs/DCCBs/UCBs between the RCS/CRCS and the Reserve Bank of India.

The Reserve Bank thus regulates the banking functions of StCBs/DCCBs/UCBs under the provisions of sections 22 and 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies (AACS )); whereas RCS/CRCS looks after incorporation, registration, management, recovery, audit, supersession of Board of Directors and liquidation. DCBR functions in close coordination with other regulators, namely, Registrar of Cooperative Societies (RCS) and Central Registrar of Cooperative Societies (CRCS). In addition to regulatory functions, the Department also carries out developmental functions for StCBs /DCCBs / UCBs.

Functions:

  • To issue licence to UCBs/StCBs/DCCBs to carry on banking business

  • To grant approval to UCBs/StCBs for inclusion in the Second Schedule of Reserve Bank Act, 1934

  • To authorise UCBs/StCBs to open branches. In terms of section 23 1(b) of Banking Regulation Act, 1949 (AACS), DCCBs are exempted from the requirement of obtaining licence from the Reserve Bank for opening branches/places of business

  • To grant permission for extension of area of operations of UCBs

  • To prescribe prudential norms for sound functioning of UCBs/StCBs/DCCBs

  • To issue directions and operational instructions to StCBs/DCCBs/UCBs, wherever necessary to streamline their functioning and to protect the interests of the depositors4

  • To impose penalty under section 47 of the Banking Regulation Act, 1949 (AACS)

  • To prescribe various periodical returns to be submitted by StCBs/DCCBs/UCBs

  • To cancel the licence of an StCB/DCCB/UCB, if it does not fulfil any of the conditions of licence

  • To impart training to the officials of UCBs/StCBs/DCCBs to upscale their knowledge, skill and expertise as part of developmental functions

The Reserve Bank has entered into memorandum of understanding (MOU) with Central Government and various State Governments for harmonisation of regulation and supervision.

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Department of Currency Management

The Department of Currency Management provides focused attention on the management of currency notes and coins. The mandated functions of the Department include those related to:

  • Management of currency notes, such as, design, printing and timely supply of currency notes and withdrawal of currency notes and distribution of coins.

  • Keeping circulation of counterfeit banknotes in check.

  • Monitoring currency chests and availability of customer service to the public by facilitating exchange of notes and coins.

Under this mandate the Department undertakes the following functions:

Planning, Research and Development: Evaluating the need for the introduction of new design banknotes and the security features that need to be incorporated in banknotes, assessing currency needs, (notes and coins) and ensuring adequate and timely supplies of notes and coins.

Resource and Remittance Operations: Monitoring allotment of notes and coins among issue offices and logistics for their supply and overall resource operations.

Currency Chest Operations: Formulating policy on the establishment of currency chests, and monitoring their operations.

Note Exchange Operations: Attending to the policy regarding the exchange of soiled and mutilated notes and administration of the Reserve Bank of India (Note Refund) Rules through Reserve Bank of India Issue Offices and banks, and monitors customer service to the public in this regard.

Forged Notes Vigilance Operations: Formulating policy on dealing with forged notes, compiling data and sharing information on cases of forged notes with central and state Government, and organising public awareness on the features of genuine currency notes.

Note Processing Operations: Monitoring soiled notes accumulated at currency chests and their withdrawal and disposal through a mechanised and eco-friendly manner.

Security Related Operations: Making policy with regard to security arrangements at issue offices and currency chests, treasure in transit as well as periodical reviews of security arrangements.

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Department of Economic and Policy Research

A knowledge centre for macroeconomic policy oriented research, the Department of Economic and Policy Research (DEPR) of the Reserve Bank is entrusted with the task of providing research inputs and management information system (MIS) services for policy-related decision making. The research agenda of the department primarily focuses on macroeconomic challenges facing the Indian economy and covers multi-dimensional issues relating to monetary policy, growth and inflation dynamics, financial markets, forecasting of macroeconomic variables, banking sector, financial stability and external sector management.

The department is responsible for publishing the statutory reports of the Reserve Bank, viz., the Annual Report and the Report on Trend and Progress of Banking in India. Other publications of the department include State Finances: A Study of Budgets; the Reserve Bank of India Bulletin; the Handbook of Statistics on Indian States;and RBI Occasional Papers. The History of the Reserve Bank is also published by the department.

The department is a source of primary statistics on monetary aggregates, balance of payments and external debt, flow of funds, financial savings and state finances. The department has also been playing a crucial role in dissemination of long time series data on a host of macroeconomic variables through print and electronic media.

The department supports and encourages academic research across the country through RBI Professorial Chairs, fellowships and sponsoring of research projects and studies. The department also invites eminent researchers, scholars and policy makers from around the world for talks, seminars and interactive sessions with RBI researchers, the media and private sector analysts.

The department organises four lectures - two in the memory of former Governors viz., Shri C.D. Deshmukh and Shri L.K. Jha; and two lectures in the memory of eminent scholars viz., Professor P. R. Brahmananda and Professor Suresh Tendulkar.

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Department of External Investments and Operations

Functions

  • Investment and management of the foreign currency and gold assets of the Reserve Bank of India,

  • Handling external transactions on behalf of Government of India (GOI) including transactions relating to International Monetary Fund (IMF)

  • All policy matters incidental to India's membership of the Asian Clearing Union, and

  • Other matters relating to gold policy, membership of the Bank for International Settlements (BIS) and bilateral banking arrangements between India and other countries like Russia, bilateral and South Asian Association for Regional Cooperation(SAARC) currency swap arrangements

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Department of Government and Bank Accounts

The Department of Government and Bank Accounts (DGBA) discharges the core central banking function of acting as banker to the government and banker to banks.

More specifically, it:

  • maintains principal deposit accounts of Central and State Governments at Central Accounts Section of the Reserve Bank of India, Nagpur

  • grants ways and means advances to Central and State Governments

  • Carries out day to day operations by agency bank branches (authorised for this purpose) and Banking Departments at Regional Offices.

  • frames the accounting policy of the Reserve Bank

  • finalises the weekly statement of accounts of the Issue and Banking Departments and the annual balance sheet of the Reserve Bank

  • attends to matters relating to government business, such as appointment of agency banks, paying them commission and overseeing their conducting of government business. Much of this is done in consultation with the government

In its capacity as banker to banks, the Reserve Bank:

  • opens current accounts of banks with itself, enabling them to maintain statutorily prescribed cash reserves as well as to carry out inter-bank transactions

  • effects interbank clearing settlements through these current accounts

The Department of Government and Bank Accounts (DGBA) also functions as the central office of the Banking Departments at Regional Offices.

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Department of Non-Banking Regulation (DNBR)

Department of Non-Banking Regulation (DNBR) works towards promoting and fostering a robust and sound non-banking financial sector by laying down appropriate regulations including prudential regulations and business conduct regulations for Non-Banking Financial Companies (NBFCs) (including Mortgage Guarantee Companies(MGCs) and Securitisation Companies and Reconstruction Companies (SC/RCs).

Functions:

  • To frame policies for regulation and supervision of NBFCs (including (MGCs) and SC/RCs,

  • Issuance and cancellation, if required, of Certificate of Registration (CoR) to NBFCs (including (MGCs) and SC/RCs),

  • Consultation and co-ordination with other departments of the Reserve Bank, other finance sector regulators, industry and various other stakeholders including Centre and State Governments in policy and other related matters,

  • Administration of the provisions of the Reserve Bank of India Act, 1934 relating to NBFCs, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002,

  • Advising State Governments, as and when required, on rules to be notified under Chit Funds Act, 1982, the Prize Chit and Money Circulation Schemes (Banning) Act, 1978 and on issues related to the functions discharged by DNBR.

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Department of Information Technology

Information technology has become an integral part of the operational aspects of a bank and the use of technology has grown exponentially in the recent past. Department of Information Technology in its endeavour to effectively channelize Information, Communication and Technology (ICT) aspects, strives for effective and strategic use of emerging technologies encompassing better IT strategic alignment, economy in cost, efficiency and conformity with global practices for developing effective and efficient solutions for the Bank. The department functions under the guidance of the IT Sub-Committee (ITSC) of the Central Board, especially in matters relating to overall IT strategy, infrastructure and applications, IT and cyber security, Business Continuity Planning, IT project implementation, etc. The Department of Information Technology is responsible for IT related services.

The Department broadly attends to:

  • Activities related to broad policy formulation for IT Architecture in the Bank, Information Security and the Implementation of these policies.

  • Augmentation, replacement and upgradation of IT infrastructure on a continuous basis.

  • Implementation of major IT projects and their management, such as, the CBS, RTGS, NEFT, e-Kuber.

  • Maintenance and upgradation of commonly used internal applications such as Corporate Mail, EKP, Board Management Solution, Contract Management System, Access Management System, RBI Website, etc.

  • Providing infrastructure and platform of all the applications owned by other Central Office Departments.

  • Support services for IT systems for smooth operations of the application systems through Data Centres and management of Local Area Networks (LAN) etc.

The Department discharges the above functions through its various divisions, viz. Payment System Division, Policy Division, Internal Applications Division, Core Banking Division, Corporate Communication & Support Division, Data Centre Division, Infrastructure Division and the state-of-the-art Data Centres. All banking and non-banking applications are run from these data centres in a very secure and efficient way. The Department also acts as the Nodal Point for two of its wholly owned subsidiaries namely IFTAS and ReBIT.

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Department of Payment and Settlement Systems

Functions

The Department of Payment and Settlement Systems (DPSS), as a separate department of the Reserve Bank, came into existence in March 2005.

The functions of the Department include:

  • Policy formulation in respect of payment and settlement systems

  • Authorisation of payment and settlement systems/operators

  • Regulation of payment and settlement systems

  • Supervision and monitoring of payment and settlement systems

  • Laying down standards for payment and settlement systems

  • Designing, developing and integrating payment system projects of national importance and / or facilitating such implementation

  • Implementation of the international principles relating to payment systems as enunciated by the Bank for International Settlements

The department has four Regional Offices at Chennai, Kolkata, Mumbai and New Delhi.

Board for Regulation and Supervision of Payment and Settlement Systems

The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) prescribes policies relating to the regulation and supervision of all types of payment and settlement systems. The BPSS also provides guidance on setting standards for existing as well as future payment systems, authorising the payment and settlement systems/operators, determine criteria for membership to these systems, including continuation, termination and rejection of membership. BPSS meets once every quarter.

  • The payment and settlement systems in India are regulated under the Payment and Settlement Systems Act, 2007 (PSS Act). The PSS Act as well as the Payment and Settlement System Regulations, 2008 framed under the Act came into effect from August 12, 2008. In terms of the PSS Act, no person other than the Reserve Bank of India (RBI) can commence or operate a payment system in India unless authorised by the Reserve Bank.

  • Payment and settlement systems in India includes cheque based clearing systems, Electronic Clearing Service (ECS) suite, National Electronic Funds Transfer (NEFT) System, electronic payments using debit and credit cards, prepaid payment instruments, mobile banking, internet banking, etc. While Real Time Gross Settlement Systems (RTGS) and Clearing Corporation of India Ltd. (CCIL) constitute financial market infrastructure, National Payments Corporation of India (NPCI) is the umbrella organisation for retail payments.

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Department of Statistics and Information Management

Functions

  • Collection, processing and analysis of data on banking, corporate and external sectors.

  • Planning, designing and organising quick sample surveys regularly for area of interest to the Reserve Bank.

  • Maintaining the Reserve Bank’s Data Warehouse and disseminating data/information.

  • Modelling and forecasting of important macro-economic indicators.

  • Development of methodology for the measurement and estimation of variables and improvement of the database of various sectors of the economy through participation in committees, working groups, etc.

  • Providing technical support to other departments of the Reserve Bank in statistical analysis in specific areas and undertaking studies in the areas of interest to the Reserve Bank.

  • Building a technology-driven centralised information management of receipt, processing, production, storage and retrieval of data and its dissemination system based on data warehousing approach. The system provides the decision-makers, analysts and researchers, online and real-time access to a central repository of clean and consistent historical and current data.

  • Standardisation in reporting of financial data under XBRL, which is being integrated with the data warehouse, and is envisaged to be the only platform for receiving and validating the incoming data in due course.

  • Developing a statistical system for maintaining data quality.

  • Bringing out Reserve Bank’s data publications directly from the data warehouse.

  • Undertaking forward-looking surveys on macroeconomic changes and expectations for monetary policy formulation. Conducting other periodic surveys to fill data gaps on relevant indicators, e.g., housing, employment placement for fresh graduates, etc.

  • Improving the coverage of studies relating to finances of private corporate sector of the economy.

  • Generation of forecasts of macroeconomic variables and related empirical work, including developing a quarterly macro-econometric model for forecasts and policy simulation.

  • Undertaking analytical studies using of various statistical, econometric and operational research techniques which are relevant for the Reserve Bank.

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Enforcement Department

Reserve Bank of India (RBI) is empowered to impose penalties under various statutes applicable to the banking and financial sector. The enforcement process was spread across various supervisory/regulatory departments. In line with the international best practices of separating enforcement action from the regulatory/supervisory process, the Enforcement Department was set up in April 2017 with a view to put in place a structured, rule based approach to identify and process the violations by the regulated entities and enforce the same consistently across entities.

The core function of the Department is to undertake enforcement action against the entities regulated by RBI on the basis of supervisory reports and regulatory references in an objective and consistent manner, to ensure compliance with regulations within the overarching principle of financial system stability, greater public interest and consumer protection. In furtherance of the same, a policy for enforcement containing, inter alia, the factors to be considered for determining the materiality of the violations and for determining the amount of penalty has been framed with the approval of the Board for Financial Supervision.

Initially, the Department was tasked with the responsibility of imposing monetary penalties for violations by the Scheduled Commercial Banks (SCBs) under Section 47A of the Banking Regulation Act, 1949, (B.R. Act), rules framed and directions/regulations issued thereunder and violations falling under the Prevention of Money Laundering Act, 2002 where directions have been issued by RBI. Subsequently, enforcement work pertaining to Co-operative Banks, under the B.R. Act and Non-banking Financial Companies (NBFCs) under Section 58G of the RBI Act, 1934 was also brought under purview of the department, with effect from October 3, 2018. RBI is also empowered to initiate penal action against regulated entities under Section 30 of the Payment & Settlement Systems Act, 2007, Section 22 of Factoring Regulation Act, 2011, Section 25 of Credit Information Companies (Regulation) Act, 2005 and Section 30A of SARFAESI Act, 2002. The department has also been mandated to take enforcement action under the said acts for violations committed by SCBs, Co-operative Banks and NBFCs. Violations of the provisions of FEMA, 1999 attracting monetary penalties and other regulatory or supervisory action would continue to be taken by the respective regulatory/supervisory departments.

The process of enforcement action entails issuance of show cause notice to the regulated entity and providing it with a reasonable opportunity of being heard in line with the principle of natural justice involving ‘due process’. Presently, a three-member Committee of Executive Directors adjudicates the matter and passes a speaking order. The details of the enforcement action are provided through Press Releases and in various publications of RBI.

Currently, the laws enabling RBI to undertake enforcement action empower it to impose monetary penalty only on the regulated entities and not on the individuals in-charge of the entities or responsible for the violations. It also needs to be noted that the enforcement process is not a mechanism for customer grievance redressal. However, complaints involving violations of regulations are examined for possible enforcement action based on scrutiny findings by the concerned supervisory department.

The Department has six Regional Offices located at Ahmedabad, Chennai, Kolkata, Mumbai, Nagpur and New Delhi.

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Financial Inclusion and Development Department

Financial inclusion and development role of the Reserve Bank envisages formulating policies to make credit available to productive sectors of the economy including rural and Micro, Small and Medium Enterprises (MSME) sectors. Promoting financial education and financial literacy are the current focus of the function and encapsulates the renewed national focus on Financial Inclusion. The functions of the Department in brief are:

  • To formulate macro policy to strengthen credit flow to the priority sectors

  • To ensure that priority sector lending becomes a tool for banks to capture untapped business opportunities among financially excluded sections of the society

  • To help expand Prime Minister’s Jan Dhan Yojana (PMJDY) and to make it a sustainable and scalable financial inclusion initiative through financial literacy

  • To step up credit flow to MSME sector and to rehabilitate sick units through timely credit support

  • To strengthen institutional arrangement, such as, state level bankers committee and Lead Bank Scheme to facilitate these objectives  

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Financial Markets Operations Department

Carved out of the Financial Markets Department in November 2014, the Financial Markets Operations Department (FMOD) has been entrusted with the responsibility of carrying out market operations towards implementing the Reserve Bank’s monetary policy objectives. The Department conducts operations in the money, government securities and forex markets. As a part of this responsibility, FMOD also undertakes analysis of various market segments and provides inputs to the top management for informed decision making.

The specific functions of FMOD include:

  • Forex market operations in the onshore/offshore OTC and Exchange Traded Currency Derivatives (ETCD) Segments

  • Liquidity Adjustment Facility (LAF) operations (Repo, Reverse repo, Marginal Standing Facility) including Open Market Operations (Outright sale/purchase of gilts) under the extant liquidity management framework

  • Special Market Operations (SMO) for specific purposes

  • Computation of 6-currency Nominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER)

  • Issuance and buyback of dated securities under Market Stabilisation Scheme (MSS)

  • Analysis of market developments

  • Carrying out market-oriented research and analysis

  • Estimation of liquidity requirement in the banking system

  • Providing secretarial assistance to the Financial Markets Committee (FMC) of the Reserve Bank

  • Coordinating meetings of Early Warning Group (EWG) comprising financial sector regulators and Ministry of Finance

In addition, FMOD also attends to policy issues relating to various segments of financial markets, fixation of Intra-Day Limits (IDL) for operations of Real Time Gross Settlement Accounts and Liquidity Support(LS) facility limits.

Note: The work of computation and dissemination of reference rate for USD/INR and exchange rate of other major currencies which was earlier done by the department has been taken over by Financial Benchmarks India Private Limited (FBIL) with effect from July 10, 2018. The reference rate can be viewed here.

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Financial Markets Regulation Department

The Financial Markets Regulation Department (FMRD) has been set up on November 3, 2014 with a mandate to regulate, develop and oversee financial markets. The primary activities of the department include:

  • Regulation and development of the money, government securities, foreign exchange markets and related derivative markets;

  • Regulation and supervision of financial benchmarks for interest rates and foreign exchange markets;

  • Development work related to financial market infrastructure for the money, government securities, foreign exchange markets and related derivative markets, including trade repository for over-the-counter(OTC) derivative transactions;

  • Oversight / surveillance of the money, government securities, foreign exchange markets and related derivative markets; and

  • Secretarial support to the Technical Advisory Committee on Money, Government Securities and Foreign Exchange Markets and RBI-SEBI Technical Committee on Interest Rate and Currency Futures.

In addition, a Market Intelligence Cell is proposed to be set up as part of FMRD.

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Financial Stability Unit

Keeping in view both international and domestic initiatives for resolving financial crisis and strengthening international financial architecture, the Financial Stability Unit (FSU) was set up in July 2009. The main functions of FSU are:

  • Conduct of macro-prudential surveillance of the financial system on an ongoing basis

  • Preparation of financial stability reports

  • Development of a time series of a core set of financial indicators

  • Conduct of systemic stress tests to assess resilience and

  • Development of models for assessing financial stability

Following the formation of the Financial Stability and Development Council (FSDC), FSU provides the Secretariat to the Sub-Committee of the FSDC which is headed by the Governor. Executive Director (in charge of FSU) acts as the Member-Secretary of the FSDC Sub-Committee.

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Foreign Exchange Department

The Foreign Exchange Regulation Act, 1973 (FERA) was repealed and a new Act called the Foreign Exchange Management Act, 1999 (FEMA) came into force with effect from June 1, 2000. The objective of the new dispensation is to facilitate external trade and payments and promote orderly development and smooth conduct of foreign exchange market in India.

Facilitator of Forex Transactions

Since the procedures have been simplified and powers have been delegated to the Authorised Persons under the FEMA, 1999, the role of the Foreign Exchange Department is minimum so far as individual citizens are concerned. Persons resident in India have to simply approach the Authorised Persons for their foreign exchange needs. Guided by the Current Account Rules notified, from time to time by the Government of India and Capital Account Regulations notified by the Reserve Bank, the Authorised Persons will facilitate foreign exchange transactions of individuals. The Reserve Bank processes only those applications which require its prior approval under Foreign Exchange Management (Current Account Transactions) Rules and (Capital Account Transactions) Regulations.

Compounding of FEMA Contraventions

In keeping with the spirit of the FEMA, the Government of India has empowered the Reserve Bank under section 15 of the Act to compound the contraventions of all sections of FEMA, 1999 except section 3(a) of the Act. Under compounding the contravener has the option of voluntarily admitting to the contravention, pleading guilty and seeking redressal. The process provides comfort to individuals and corporates that have inadvertently contravened FEMA while taking serious view of wilful, mala fide and fraudulent transactions.

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Human Resource Management Department

Human Resource Management Department (HRMD) essentially facilitates the Reserve Bank's central banking activities by (i) creating an enabling environment to enhance the efficiency of the organisation (ii) drawing out from the staff the very best by a system of proper placements, incentives, and (iii) creating an atmosphere of trust, a certain security of expectations and a feeling that the organisation cares about the well being and personal aspirations of the staff. This helps align personal aspirations of the staff with professional goals and helps enhance efficiency in the organisation.

Specifically, the functions of HRMD are:

a) To evolve and implement policies for:

  • Recruitment

  • Placement

  • Promotions and career progression

  • Performance and potentiality appraisal

  • Training, development and skill upgradation

  • Mobility (Transfers and Rotation)

  • Reward and motivation

  • Retirement/voluntary vacations

  • Wage structure and other facilities

  • Deputation/Secondment/Tour of duty

b) To generally administer discipline management system in the Reserve Bank

c) To disseminate information under the Right to Information Act, 2005 with a view to promoting transparency and accountability in the Reserve Bank's operations

d) To maintain up-to-date database on human resources in the Reserve Bank

e) To maintain harmonious industrial relations and to conduct negotiations with various recognised bodies of different categories of staff on matters like pay scales and allowances, welfare schemes, personnel policies, etc.

f) To continuously review the appraisal system in order to make it an effective tool for HRD policy management

g) To design career and succession plan

h) To oversee the Reserve Bank’s training establishments (namely, Reserve Bank Staff College, Chennai and College of Agricultural Banking, Pune besides Zonal Training Centres at Chennai, Kolkata, Mumbai and New Delhi) and revitalise training functions

i) To administer Staff Suggestion Scheme

j) To oversee Summer Placement

k) To publish the Reserve Bank's house journal ‘WITHOUT RESERVE’ and to conduct RBI Quiz.

l) To act as Secretariat to Human Resource Management Sub-Committee of the Central Board.

m) To oversee matters pertaining to Prevention of Sexual Harassment of women at work place including secretarial assistance to Central Complaints Committee.

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Inspection Department

Inspection Department was set up in 1935 when the Reserve Bank of India commenced its operations. The Department is tasked with the mandate of providing an independent and objective assurance/feedback on the operations/working of the offices of the Reserve Bank. It examines/evaluates and reports on the adequacy and reliability of the Reserve Bank's risk management, internal controls and governance process.

The Inspection Department is the Secretariat and also reports its assessments to the Audit and Risk Management Sub-Committee (ARMS) of the Central Board of the Reserve Bank. Additionally, it places the findings of Information Systems (IS) audits before the Information Technology Sub Committee (ITSC) of the Board. Audit observations which have been classified as High Risk are also placed before the Executive Directors’ Committee (EDC) for their review and guidance. The Internal Audit function constitutes a key dimension in the Reserve Bank's governance architecture.

Streams of Inspection in the Reserve Bank

Presently, the following types of inspections are carried out/co-ordinated by the Department.

  • Risk Based Internal Audit (RBIA)

  • Information Systems Audit

  • Concurrent Audit (CA)

  • Control Self-Assessment Audit (CSAA)

Risk Based Internal Audit (RBIA)

Under the Risk Based Internal Audit (RBIA), the Inspection Department provides independent and objective opinion to the management on whether or not the Reserve Bank's business processes and risks are being properly managed. The RBIA reviews the outcomes of all other audits. Audit of various business units Central Office Departments (CODs), Regional Offices (ROs), Training Establishments (TEs), Banking Ombudsman Offices (BO) and Associate Institutions (AIs) are taken up at different periodicities ranging from 12 to 24 months.

Information System Audit (ISA)

Information Security (IS) audit is carried out as part of the RBIA framework to evaluate risk control measures in Information Systems used in the Reserve Bank. The Department also carries out technology audit of computer applications/systems, technology platforms, services, etc. These are carried out either at the directions of Central Board/Audit and Risk Management Sub-Committee (ARMS)/Information Technology Sub-Committee (ITSC)/Top Management or on receipt of request from the Business Owner Departments/User Departments/Department of Information Technology (DIT) or as felt necessary by the Department considering the criticality/importance of operations/systems.

Concurrent Audit (CA)

As a part of internal control mechanism, all the business units are required to get their transactions (mainly financial transactions) audited by external chartered accountant firms, concurrently with the occurrence of such transactions.

Control Self-Assessment Audit (CSAA)

This is a self-assessment/health check-up exercise to assess gaps in risk controls so that timely reviews are made and corrective action taken/initiated to address the gaps. The assessments are carried out by persons unconnected with the operations/process being assessed. All business units are required to conduct CSAA at least twice in a year, that is, for the half-year ended June and December every year.

Compliance, Follow-up and Reporting

Inspection Department follows up on the audit observations (RBIA, ISA/ TA, CA, CSAA) to ensure that prompt corrective actions or risk mitigating counter-measures are instituted. The Department undertakes off-site monitoring as well as on-site evaluation, wherever necessary. Off-site monitoring is undertaken by obtaining periodical returns from business units, analysing them and initiating follow-up as deemed appropriate.

ARMS & EDC Meetings

The Department co-ordinates and arranges periodical meetings of Audit & Risk Management Sub Committee (ARMS) and Executive Directors' Committee (EDC). The meetings of ARMS and EDs' Committee are conducted approximately once in three months. On half yearly basis, the Department reports to Information Technology Sub-Committee (ITSC) of the Board on Information Systems (including Security) audits undertaken by the Department.

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Internal Debt Management Department

The main activities of the Internal Debt Management Department include:

  • Managing the Government’s debt in a risk efficient and cost effective manner;

  • Providing innovative and practical solutions for government’s debt management;

  • Building a robust institutional framework of primary dealers (PDs).

Specific functions of the Department include:

  • Government Borrowing: To manage market borrowing programmes of the Government of India (including preparing an issuance calendar in consultation with the Government of India), all State Governments and the Union Territory of Puducherry. The function involves choosing the instrument and tenor, manage the auctioning process and monitoring State and Central cash balances.

  • Dealing Operations: To interface with the Government securities market for purchasing securities from the secondary market for investment purposes by State Governments under schemes like CSF & GRF and on behalf of foreign central banks.  It also monitors movement of yields of Government securities, among other things, and provides necessary feedback to Top Management. It carries out monthly and quarterly analysis of the Government Securities - Secondary market.

  • Primary Dealers: To enter into agreements with PDs, monitor and review their performance with regard to underwriting and bidding commitments in primary markets, conduct underwriting auctions and supervise standalone PDs.

  • Research: To provide policy, analytical and technical inputs for various committees and conferences including State Finance Secretaries conference. To also act as the focal point for answering parliamentary questions, queries of the Central Board and Committee of Central Board of the Reserve Bank, research contributions to the Reserve Bank’s, Government of India’s and other publications.

  • Management Information Systems (MIS): To monitor the data pertaining to Government cash balances, maintains the MIS for the Top Management, provide data for various statutory and internal publications, oversee the technology platform for Government securities auction activities and undertake analysis. Also to undertake the assessment and short term projections of Government cash balances primarily for liquidity management purposes of the Reserve Bank.

  • Central Debt: To maintain accounting/reporting of public debt management functions. These include formulation of policy and monitoring of Public Debt Offices, which act as depositories of Government securities, as also to maintain and service public debt, administration of Government Securities Act, 2006/Rules 2007 and also Public Debt Act, 1944/ Rules 1947 wherever applicable.

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International Department

International Department was constituted in the Reserve Bank on November 3, 2014 to augment the focus on international financial diplomacy and participation in formulation of global regulatory standards. The Department is responsible for participation in international fora and for supporting the top Management’s interactions in this area, as also to facilitate their involvement of the institution in international economic cooperation. It has a research orientation towards framing the Reserve Bank’s stance on issues in this sphere. The Department is also responsible for the Reserve Bank’s external services and relations including on matters of technical cooperation with other central banks.

This department mainly looks after:

  • The Reserve Bank’s relations with international institutions/country groupings, such as, International Monetary Fund(IMF), Bank for International Settlements(BIS), Financial  Stability Board(FSB), G20,  Brazil, Russia, India, China and South Africa (BRICS), South Asian Association for Regional Cooperation Finance(SAARCFINANCE), Committee on Payments and Market Infrastructures (CPMI), Committee on the Global Financial System(CGFS), World Bank, World Trade Organization(WTO), Asian Development Bank (ADB), etc.

  • Framing the Reserve Bank’s views on issues of policy relevance in international economic cooperation, including those on regulatory issues and central bank currency swaps, etc.

  • The Reserve Bank’s initiatives at capacity building for officials of other central banks and managing exposure visits for delegates of foreign institutions/market participants/universities, etc.

  • Preparing research notes on current issues in international economic cooperation.

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Legal Department

The primary responsibilities of the Legal Department are:

  • Providing legal advice to the top management, departments, regional offices and subsidiaries of the Reserve Bank.

  • Managing litigation on behalf of the Reserve Bank and the Deposit Insurance and Credit Guarantee Corporation (DICGC).

  • Vetting of circulars, directions, regulations and agreements for the various departments of the Reserve Bank. Assisting drafting of legislation to be administered by the Reserve Bank.

  • Acting as a Secretariat to the First Appellate Authority of the Reserve Bank under the Right to Information Act, 2005.

  • Appearing on behalf of the Reserve Bank before the Central Information Commission and various judicial forums, such as, District Consumer Disputes Redressal Forum, State Consumer Disputes Redressal Commission, Labour Courts/Industrial Tribunals, etc.

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Monetary Policy Department

Functions

Mandate and Objectives

According to the Reserve Bank of India Act, 1934, “...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; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth".

Main Functions

  • Acts as a secretariat for the Monetary Policy Committee (MPC).

  • Assists the MPC in formulating the monetary policy.

  • Provides technical inputs to the MPC such as short-term and medium term growth and inflation projections.

  • Plays a key role in implementing monetary policy by assessing and forecasting liquidity conditions.

  • Participates in Financial Markets Committee (FMC) which meets daily to guide financial markets operations including liquidity management.

  • Monitors and assesses transmission of monetary policy on a regular basis.

  • Prepares Monetary Policy Report (MPR).

  • Compiles sector-wise and industry-wise bank credit data.

  • Monitors compliance with CRR/SLR maintained banks.

  • Acts as a nodal department for the Bank to act as a lender of the last resort.

  • Authorises and allocates food credit to state governments.

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Premises Department

The Premises Department's responsibility is to create and maintain premises- related infrastructure. The Department frames policies and guidelines on physical infrastructure, acquisition, maintenance, consolidation and disposal of office and residential space. It allocates capital budgets to Regional Offices and monitors high- value works/projects of Estate Departments across the country, keeping in mind ecological and environmental concerns.

The current thrust-areas of the Department are as follows:

  • Promoting greater environmental consciousness, conserving resources like energy and water and auditing the use of these resources.

  • Rationalisation of Bank's properties.

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Rajbhasha Department

The Rajbhasha Department is responsible for promoting the use of Hindi in the Bank’s official work as per the provisions contained in the Constitution of India and Official Languages Act, 1963. The main functions of the department are -

  • Implementation of the provisions of Official Language Act and Rules and other related instructions received from Government of India (GoI) from time to time;

  • Formulation of policy for promotion of Hindi as Official Language in the Bank;

  • Preparation of reference material for making use of Hindi easier in the Bank;

  • Submission of various data to Government on progressive use of Hindi in the Bank;

  • Translation of statutory documents viz., Bank’s Annual Report, Report on Trend and Progress of Banking in India, MPR, FSR, Bulletin and other publications of the Bank;

  • Publication of Hindi magazine ‘Banking Chintan Anuchintan’, a professional magazine dedicated to banking;

  • Arranging and imparting Hindi training by organising workshops and through Government of India's Hindi Teaching Scheme;

  • Reviewing implementation of official language in the Bank and representing the Bank in various Committees of GoI.

  • To ensure compliance to the directions of the President of India on the recommendations of the Parliamentary Committee on Official language, requirements of Annual Programme and assurances given to the committee of Parliament on Official Language during their visits and directions received from the Government of India from time to time.

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Risk Monitoring Department

The Risk Monitoring Department (RMD) has been constituted for implementation of Enterprise-wide Risk Management System in the Reserve Bank. The department has two divisions looking after operational risks and financial risks. For effective identification, assessment and management of risks uniformly throughout the Reserve Bank, RMD has been mandated:

  • To prepare a broad risk management framework and to formulate and to periodically review the Reserve Bank’s policies/methodologies/matrices and to interact with functional units to ensure that all significant risks are identified.

  • To aggregate, monitor and periodically report the risks reported by functional units to the Risk Monitoring Committee (RMC) and Audit and Risk Management Sub-Committee (ARMS).

  • To assess and report the Economic Capital necessary so as to build provisions for various risks arising out of the Reserve Bank's policy actions.

  • To create institutional memory by building a database of 'loss' and 'near loss' events.

  • To foster risk management culture in the organization.

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Secretary's Department

  • Secretarial work connected with the meetings of the Central Board and its Committee;

  • Secretarial work relating to the Deputy Governors' Committee meetings.

  • Secretarial work relating to the Senior Management Committee (SMC) meetings/sideline meetings of the Governor;

  • Monitoring implementation/follow up of decisions taken by these committees;

  • Work relating to service conditions of the Governor and the Deputy Governors, including their joining/retirement/relinquishing charge;

  • Work relating to constitution of Central Board/Local Board;

  • Providing administrative support, including IT related, to the top management, including staff support and various non-establishment payments;

  • Providing administrative support and making non-establishment payments on behalf of Secretary's Department, Internal Debt Management Department, Financial Stability Unit, Financial Markets Regulation Department, Financial Markets Operations Department, Department of Communication and Monetary Policy Department (limited administrative support for this department);

  • Work relating to reservation of the VVIP Guest House;

  • Administrator to the Reserve Bank of India Employees' Provident Fund.

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Central Vigilance Cell

The Reserve Bank of India’s Vigilance unit is under the overall charge of the Chief Vigilance Officer (CVO). The main function of the Vigilance Unit is to undertake preventive vigilance and anti-corruption measures as also investigate complaints /allegations having vigilance angle (as defined by the Central vigilance Commission) against the employees of the Bank. The Vigilance Unit also implements the various instructions issued by the Central Vigilance Commission (the Commission). Persons who are victims of corruption or have any information of corruption in the Reserve Bank of India may send their complaints to the CVO of the Reserve Bank by e-mail or by post to:

Smt. Sadhana Varma
Chief General Manager & Chief Vigilance Officer
Reserve Bank of India
Central Office Building, 20th floor
Shahid Bhagat Singh Road
Mumbai 400001
Telephone : 22671400
Fax No. : 22613856

The Reserve Bank of India celebrates Vigilance Awareness Week, every year, as per directions of the Commission.

In order to create greater awareness and participation of the public at large, the Commission has envisaged a concept of “Integrity Pledge” to enlist support and commitment of the citizens and other corporates/entities/firms, etc., especially in the private sector, to prevent and combat corruption. The pledges are available on the Commission’s website https://pledge.cvc.nic.in

 
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