Brief History

Reserve Bank of India Commencement - Newspaper Clipping

Reserve Bank Begins Business
Bombay Office
Functions Taken Over From Imperial Bank

In Bank Street Bombay under an ironwork verandah, recalling more than one Shaftesbury Avenue Theatre, is a new very large brassplate. Across the plate are written the words "Reserve Bank of India". To right and left of the plate are open doors, for the Bank is now open to the public and business is in full swing to the tune of much hammering. The overpowering smell of fresh paint and the rushing to and fro of new peons in new drab brown suits.

The building is a famous one having housed for many years the Bombay Head Office of the Imperial Bank of India. It will become more famous now as the head office in the west of India for the Reserve Bank. It is old fashioned as banking buildings go, but has three roomy floors and ample space.

Managing this new concern is Mr. W.T. Mc Callum from the Imperial Bank of India. He has a staff of 180. The Bank will have no branches but will work in mofusil through the branches of the Imperial Bank. The Reserve Bank Head Office is situated in Calcutta.

Bankers' Clearing House

The Reserve Bank opened by taking over the Public Debt Office, the Public Accounts Office and the Currency Department. It will not resume its full responsibilities until July 1 when the accounts of the Scheduled Banks will be taken over under Section 42 of the Act. Within a few weeks it will take the Bankers' Clearing House. To counter balance the removal of these important functions from the Imperial Bank of India that Bank will extend more along the lines of the regular commercial banking firm. It is now free to deal in exchange business whereas hitherto it hqad to work through other banks. A start has not, however, actually been made.

It is also understood that the Imperial Bank will open a new department, which will enable it to undertake the work of trustees and executors.

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