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IBPS PO Booster RESERVE BANK OF INDIA. Recommended by Hilton-Young Commission in 1926. Reserve Bank of India Act, 1934 was passed in the parliament. The Reserve Bank of India was established on April 1, 1935. Initial capital was ₹ 5 crore divided by shares of ₹ 100 each. Its headquarters was in Calcutta but was permanently moved to Mumbai in 1937. Nationalised on 1 January, 1949. Financial Year 1 July - 30 June. CENTRAL BOARD The Reserve Bank's affairs are governed by a central board of directors. They are appointed/nominated for a period of four years by the Government of India in keeping with the Reserve Bank of India Act. Constitution: Official Directors Full-time: Governor- Dr. Urjit R. Patel Not more than four Deputy Governors 1. Shri R. Gandhi 2. Shri S. S. Mundra 3. Shri N. S. Vishwanathan 4. Vacant Non-Official Directors Nominated by Government: Ten Directors from various fields and two government Official Others: Four Directors - one each from four local boards Tenure of Governor is 3 years and can be extended for 2 years. Tenure of Deputy Governor is 3 years and can be extended for 2 years. FUNCTIONS OF THE RESERVE BANK OF INDIA: Formulates, implements and monitors the monetary policy in order to maintain price stability and ensure adequate flow of credit to productive sectors. It regulates and supervises the financial system in order to maintain public confidence, protect depositors' interest, and provide cost-effective banking services to the public. Manager of Foreign Exchange in order to facilitate external trade and payment and promote the foreign exchange market in India. Issue, exchange or destroys currency and coins not fit for circulation. Performs developmental role to support national objectives. Banker to the Government. Banker to banks. Lender of Last Resort (LOLR). RBI has 19 regional offices, 9 sub-offices and 3 other offices. MONETARY POLICY. Current rates as per Fourth Bi-monthly Policy Statement for the year 2016-17. Cash Reserve Ratio : 4% Statutory Liquidity Ratio : 20.75% (Max 40%) Policy Repo Rate : 6.25% Reverse Repo Rate : 5.75% Marginal Standing Facility Rate : 6.75% Bank Rate : 6.75% Next meeting of the MPC is scheduled on December 6 and 7, 2016 and its resolution will be announced on December 7, 2016. THE MONETARY POLICY CONSISTS OF DIRECT INSTRUMENTS AND INDIRECT INSTRUMENTS. DIRECT INSTRUMENTS Cash Reserve Ratio (CRR): The share of net demand and time liabilities that banks must maintain as cash balance with the Reserve Bank. Statutory Liquidity Ratio (SLR): The share of net demand and time liabilities that banks must maintain in safe and liquid assets, such as, government securities, cash, and gold. Refinance facilities: Sector-specific refinance facilities aim at achieving sector specific objectives through provision of liquidity at a cost linked to the policy repo rate. INDIRECT INSTRUMENTS Market Stabilisation Scheme (MSS): This was introduced in 2004. Surplus liquidity of a more enduring nature arising from large capital inflows is absorbed through sale of short-dated government securities and treasury bills. Open Market Operations (OMOs): It is outright purchase or sale of government securities for injection or absorption of durable liquidity. Marginal Standing Facility (MSF): A facility under which scheduled commercial banks can borrow additional amount of overnight money from the Reserve Bank, (currently two per cent of their net demand and time liabilities deposits. Repo Rate: The (fixed) interest rate at which the Reserve Bank provides short-term (overnight) liquidity to banks against the collateral of government and other approved securities under the liquidity adjustment facility (LAF). Reverse Repo Rate: The (fixed) interest rate (currently 50 bps below the repo rate) at which the Reserve Bank absorbs short-term liquidity, generally on an overnight basis, from banks against the collateral of government and other approved securities under the LAF. Bank Rate: It is the rate at which the Reserve Bank is ready to buy or rediscount bills of exchange or other commercial papers. MSF rate and reverse repo rate determine the corridor for the daily movement in the weighted average call money rate. TABLE I.4: RESERVE BANK'S BASELINE AND PROFESSIONAL FORECASTERS' MEDIAN PROJECTIONS (Per cent) 2016-17 2017-18 Reserve Bank’s Baseline Projections Inflation, Q4 (y-o-y) 5.3 4.5 Real Gross Value Added (GVA) Growth 7.6 7.9 ASSESSMENT OF SURVEY OF PROFESSIONAL FORECASTERS GVA Growth 7.6 7.8 Agriculture and Allied Activities 3.5 3.0 Industry 7.5 7.9 Services 8.8 9.2 Inflation, Q4 (y-o-y) 4.7 4.4 Combined Gross Fiscal Deficit (per cent of GDP) 6.5 6.0 Central Government Gross Fiscal Deficit (per cent of 3.5 3.3 GDP) Overall Balance of Payments (US$ bn.) 24.7 34.0 Merchandise Trade Balance (per cent of GDP) -6.0 -5.6 Current Account Balance (per cent of GDP) -1.0 -1.2 Capital Account Balance (per cent of GDP) 2.0 2.9 Source: Survey of Professional Forecasters (September 2016). MONETARY POLICY COMMITTEE The Monetary Policy Framework Agreement was signed on February 20, 2015 between the RBI and Govt. of India. It is a committee of the Reserve Bank of India, headed by its Governor. It was set up by amending the RBI Act. The MPC is entrusted with the task of fixing the benchmark policy interest rate (repo rate) to contain inflation within the target level. MPC will have six members. Three each will be nominated by the government and the RBI and each member will have one vote. NOMINATED BY THE RBI NOMINATED BY THE GOVERNMENT The majority voice of the committee will be final, the governor gets a casting vote in case of tie. Earlier, the governor’s word was final on the rates. The Monetary Policy Committee (MPC) is present in New Zealand, England, Canada, South Africa, Sweden, among others. FULLY OWNED SUBSIDIARIES: Deposit Insurance and Credit Guarantee Corporation of India (DICGC). Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL). National Housing Bank(NHB) DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION OF INDIA (DICGC). After the crash of the Palai Central Bank Ltd., and the Laxmi Bank Ltd. in 1960. The Deposit Insurance Corporation (DIC) Bill was introduced in the Parliament on August 21, 1961. Deposit Insurance Act, 1961 came into force on January 1, 1962. The Deposit Insurance Scheme was initially extended to functioning commercial banks only. The authorized capital of the Corporation is 50 crore, which is fully issued and subscribed by the Reserve Bank of India (RBI). The management of the Corporation vests with its Board of Directors, of which a Deputy Governor of the RBI is the Chairman currently Shri N.S.Vishwanathan. The Head Office of the Corporation is at Mumbai. DEPOSIT INSURANCE Banks covered by Deposit Insurance Scheme. All commercial banks, Local Area Banks, and Regional Rural Banks. Co-operative Banks INSURANCE COVERAGE ₹ 1, 00,000/- with effect from 1st May 1993 onwards only per depositor(s) for deposits held by him (them) in the "same right and in the same capacity" in all the branches of the bank taken together. TYPES OF DEPOSITS COVERED. DICGC insures all bank deposits, such as saving, fixed, current, and recurring, etc. except the following types of deposits. Deposits of foreign Governments; Deposits of Central/State Governments; Inter-bank deposits; Deposits of the State Land Development Banks with the State co-operative banks; Any amount due on account of and deposit received outside India; Any amount which has been specifically exempted by the corporation with the previous approval of the RBI. INSURANCE PREMIUM The premium paid by the insured banks to the Corporation is bear by the banks themselves. Deposits in rupees rounded to thousands X 0.05 / 100. BHARATIYA RESERVE BANK NOTE MUDRAN PRIVATE LIMITED (BRBNMPL). o Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) was established by Reserve Bank of India (RBI) as its wholly owned subsidiary on 3rd February 1995. o The company manages 2 Presses one at Mysore in Karnataka and the other at Salboni in West Bengal. The present capacity for both the presses is 16 billion note pieces per year on a 2-shift basis. o Shri R. Gandhi - Chairman o Shri Kaza Sudhakar - Managing Director NATIONAL HOUSING BANK o NHB was set up on July 9, 1988 under the National Housing Bank Act, 1987. o NHB is wholly owned by Reserve Bank of India, which contributed the entire paid-up capital. o The Head Office of NHB is at New Delhi. o Managing Director & Chief Executive Officer- Shri Sriram Kalyanaraman KNOW YOUR CUSTOMER. The Reserve Bank of India introduced KYC guidelines for all banks in 2002. In 2004, RBI directed all banks to ensure that they are fully compliant with the KYC provisions before December 31, 2005. KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts. Banks are also required to periodically update their customers’ KYC details. ‘e-KYC’ refers to electronic KYC. Required KYC details are: Proof of Identity (PoI) Proof of Address (PoA) Photograph Aadhaar card is accepted as a proof of both identity and address. SMALL ACCOUNTS KYC details are not required for Small Accounts. The ‘Small Accounts’ have certain limitations such as: Balance in such accounts at any point of time should not exceed Rs.50, 000 Total credits in one year should not exceed Rs.1, 00,000 Total withdrawal and transfers in a month should not exceed Rs.10, 000 Foreign remittances cannot be credited to such accounts.
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