RBI:- Reserve Bank of India
RBI stands for Reserve Bank of India. It is the central banking institution of India. It is the controller of the monetary policy of the Indian rupee. It was established on 1st April 1935. It is a Government of India establishment. The present governor is Urjit Patel. It is the central bank of India. The currency dealt with is Indian rupee (₹). The bank rate is 6.75%. Interest on reserves is 4.00% (determined by market). It is in accordance with the Reserve Bank of India Act, 1934. The original share capital of RBI was divided into shares of 100. These shares were fully paid and were initially owned entirely by private shareholders. After India’s independence on 15th August 1947, the RBI was nationalized on 1st January 1949. It plays a key role in the Development strategy of the Government. It an independent apex monetary authority that looks after the regulation of banks and provides important financial services. These include services such as storing foreign exchange reserves, controlling inflation etc. There are different names for the central bank in different countries. Its functions also differ from one country to another. The goal of RBI is to maintain economic stability and growth of an economy as a whole. It is also known as banker’s bank.