Functions of RBI | Functions of Reserve Bank of India
Working and Functions of Reserve Bank of India RBI. The Reserve Bank of India is the central bank of India that controls and regulates all monetary activities of the country. The Indian Reserve Bank was established on April 1, 1935, with an authorized capital of 5 million rupees. The Reserve Bank of India’s headquarters is in Mumbai.
Indian Reserve Bank was nationalized on 1 January 1949.
Roles and Functions of Central Bank:
Indian Reserve Bank releases all notes except coins and notes of one rupee. The Reserve Bank of India adopts the Minimum Reserve System for issuing new currency notes. RBI functions as a banker of the Government of India and also works as a banker of all commercial banks.
Urjit Patel is the current governor of the Reserve Bank of India since September 2016.