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RBI FUNCTIONS HISTORY of RBI • 1926- Hilton Young Commission Given Recommendation for RBI

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RBI FUNCTIONS HISTORY of RBI • 1926- Hilton Young Commission Given Recommendation for RBI RBI FUNCTIONS HISTORY OF RBI • 1926- Hilton young Commission given recommendation for RBI • 1934- RBI Act was passed • 1st April 1935- RBI was established • 1937- RBI permanently moved from Kolkata to Mumbai • 1st January 1949- RBI was Nationalised • Head office Mumbai • Four local boards in – Delhi Mumbai Kolkata Chennai • Other offices 31 • Governor- Shri Shaktikanta Das 4 Deputy Governors are • BP Kanungo • Mahesh Kumar Jain • M D Patra FUNCTIONS OF RBI • CENTRAL BANKING FUNCTION: 1) CONTROLLER OF CREDIT 2) ISSUER OF CURRENCY NOTES 3) BANKER OF ALL BANK 4) BANKER OF GOVT OF INDIA 5) LENDER OF LAST RESORT 6) CUSTODIAN OF FOREX • SUPERVISORY FUNCTION • PROMOTIONAL FUNCTION Central banking function • Issuer of currency(SEC 22) – RBI issue, exchange currency notes and destroy notes and coins which is not fit for circulation. • Rs 2 to Rs 2000 note is issued by RBI and signed by governor whereas guaranteed by govt of India. • Rs 1 note and all coins are issued by govt .Rs1 note is signed by finance secretory (Ajay Bhusan Panday). • Total 17 language written in currency notes (denomination of currency). • NOTES ARE PRINTED BY RBI . • MIN AMOUNT – 200 CR PRINTED AT A TIME • BEFORE CIRCULATING THE NOTES SAME AMOUNT OF CURRENCY IS KEPT AS RESERVE UNDER (MRS SINCE 1956). • 200 CR(115 IN FORM OF GOLD AND REST 85CR IN FORM OF FOREX). • COINS ARE ISSUED BY GOVT UNDER COINAGE ACT 1906. (BUT PRINTED BY RBI) • RBI DESTROY MUTILATED NOTES. BANKER OF GOVT OF INDIA(SEC 20 ) • RBI manage govt’s funds as banker and disburse amount according to the instruction given by Govt of India. • RBI help govt by managing money of social welfare schemes so that it reaches to the poor people by different financial institutions through DBT. BANKER OF ALL BANK • RBI acts as a banker of all banks means whenever banks have excess idle money in their hand they park with RBI to get some rate of return(rev repo rate) and borrow money from RBI according to their requirement. CONTROLLER OF CREDIT • Whenever RBI find inflation is more than its normal (4%,+-2%) and it became problematic for ECONOMY or public to fulfil their basic needs then RBI increase REPO rate or policy rates to makes loan costly. Due to higher interest when people reduce borrowing then their demand fall and inflation comes under control. MONETARY AUTHORITY- • Formulate, implements and monitors the monetary policy. • The objective is to maintain price stability and ensuring adequate cash flow of credit to productive sectors. LENDER OF LAST RESORT (LOLR) • When ever banks find liquidity crisis in an economy then banks know ,RBI is the last option as fund provider, Where banks can borrow money according to their requirement. CUSTODIAN OF FOREIGN EXCHANGE • RBI keep foreign exchange in their custody to maintain currency exchange rate computable against other currency. so whenever RBI issue currency notes then out of every 200cr, 85cr must be reserved in terms of foreign exchange. 2) SUPERVISORY FUNCTION • Prescribes broad parameters of Banking operations within which the countries banking and financial system are working. • Objective- Maintain public confidence in the system, protect depositors' interest and provide cost effective banking services to the public. 3) PROMOTIONAL FUNCTION • Performs a wide range of promotional activity to support National objectives. RBI introduce new Banks like Bandhan Bank, IDFC Bank as well as payment Bank, Small Bank to empower our Banking system. SUBSIDIARY OF RBI • Deposit Insurance And Credit Guarantee Corporation Of India (DICGC) • Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) • Reserve Bank Information Technology Private Limited (REBIT) • Indian Financial Technology And Allied Services (IFTAS) • Security Printing and Minting Corporation of India Limited (SPMCIL). • It is an Indian government-owned corporation that engages in the production of bank notes, coins, non– judicial stamps, postage stamps, and other government related documents for India. • It contains seven units, which include two presses, four mints, and a paper mill INDIA GOVERNMENT MINT • India Government Mint operates four mints in the country for the production of coins. • Mumbai, Maharashtra • Kolkata, West Bengal • Hyderabad, Telangana • Noida, Uttar Pradesh NOTES ARE PRINTED AT FOUR PRINTING PRESS. • Security Printing and Minting Corporation of India Limited having two printing press – • Nashik, Maharashtra • Dewas, Madhya Pradesh Bharatiya Reserve Bank Note Mudran Private Limited • Mysore,Karnataka • Salboni,West Bengal FEW FACTS ABOUT COINS • Coins are minted Under The Coinage Act, 1906. Production by Government of India. Coins of the Indian rupee were first minted in 1950. Coins can be issued up to the denomination of Rs.1000. Q. Reserve Bank of India was established under which act? 1. Reserve Bank of India Act 1930 2. Reserve Bank of India Act 1921 3. Reserve Bank of India Act 1934 4. Reserve Bank of India Act 1945 5. None of these Q. RBI was established in: 1. 1 April, 1940 2. 1 April, 1935 3. 1 April 1948 4. 1 April 1958 5. None of these Q. Which of the following organization administered Monetary Policy as an arm of the economic policy? 1. Government of India 2. Reserve Bank of India 3. SEBI 4. SIDBI 5. NABARD Q. On 50 rupee currency note in India, whose signature is found? 1. President of India 2. Governor, RBI 3. Finance Minister 4. Prime Minister of India 5. Secretary, Ministry of Finance Q. Which of the following organization provide Insurance cover for bank deposits in India? 1. SBI 2. Government 3. RBI 4. LIC 5. DICGC Q. No banking company can grant loan against: 1. Its own certificate of deposit 2. Shares of a private Ltd company 3. Its own share 4. All above 5. None of the above Q. What is the minimum value of stock of gold coins, bullion & foreign securities which RBI has to maintain at any point of time : 1. Rs 200 cr 2. Rs 215 cr 3. Rs 115 cr 4. Rs 500 cr 5. None of the above Q. AS PER RBI GUIDELINES, BANKS MAY FREELY GRANT ADVANCES AGAINST: 1. Partly paid shares 2. Gold bullions 3. Primary security of shares/ debentures to a sole proprietary/ partnership concern 4. All of the above 5. None of the above ONE RUPEE NOTES BEAR THE SIGNATURES OF : Q. Finance Minister 1. Governor of RBI 2. Secretary, Ministry of Finance 3. Deputy Governor of RBI 4. None of the above Q. SOILED NOTES CAN BE GOT EXCHANGED BY THE TENDERER, PROVIDED IN CASE OF SINGLE NUMBERED NOTES: 1. Note should not be in more than 2 pieces 2. No essential features of the note should be missing 3. Complete number should be available in an undivided area on one of the pieces 4. All of the above 5. None of the above Q. ISSUE DEPARTMENT OF RBI UNDERTAKES THE TASK OF ISSUING NEW NOTES. IT ISSUES THESE NOTES AGAINST: 1. Government of India rupee securities 2. Foreign securities 3. Gold coins and bullion 4. All of the above 5. None of the above .
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