15 Stunning Facts about Reserve Bank of India (RBI)
15 Stunning Facts about Reserve Bank of India to Know
RBI (Reserve Bank of India) is the central banking body that maintains and controls the monetary policy of the Indian rupee. RBI has historically well maintained the standard of Indian Rupee. As many would know that RBI controls Repo Rate, Reverse Repo Rate and many other things important to Indian Economy. RBI is the governing authority and it has an amazing history and mind blowing facts. Do you know the logo of RBI was copied from East India Company Double Mohur because RBI Deputy Governor Sir James Taylor thought the tiger on logo looked like a dog!
So, here is a list of such 15 such stunning facts about Reserve Bank of India (RBI) that will blow away your mind!
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Inception of RBI
RBI was recommended by Hilton-Young Commission in 1926. The aim of this commission was to look into economically underdeveloped British Territories and suggest reforms. As a result of their suggestion, the concept of RBI was born.
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Establishment
RBI was established in Calcutta in 1935 after the RBI act, 1934. The first Governor of RBI was Sir Osborne Smith (1935-1937).
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Shifting of RBI
RBI was shifted to Mumbai in 1937. Mumbai was deemed to be the financial Capital and accordingly RBI was shifted.
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RBI Shareholders
Shareholders in Central Bank of a country! Won’t they dictate the terms to it to their own benefit, it doesn’t make sense. When RBI was set up in 1935, original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders! However, it was subsequently nationalized in 1949 fully owned by the Government of India!
Phew!
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Constitution of RBI
The Reserve Bank of India was conceptualized based on the guidelines presented by Dr. Ambedkar to the “Royal Commission on Indian Currency & Finance” in 1925; Commission members found Dr B. R. Ambedkar’s book “The Problem of the Rupee – Its origin and Its Solution” an invaluable reference tool and the Central Legislative Assembly eventually passed these guidelines as the RBI Act 1934.
Dr. B. R. Ambedkar had some real talent in designing the constitution.
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First Indian Governor
The first Indian governor of RBI was made way before British left. C. D. Deshmukh became the third Governor of RBI and the first Indian Governor and served from 11 August 1943 to 30 June 1949.
See RBI serving as Bank of Pakistan!
RBI as Pakistan’s bank
Due to independence, RBI had to play a great role. It was also the central bank for two other countries. It played the role of Central Bank of Pakistan till June 1948 and the Central Bank of Burma ( Myanmar) till April 1947.
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Board of Members
RBI is entrusted with the 21-member Central Board of Directors: the Governor, 4 Deputy Governors, 2 Finance Ministry representatives, 10 government-nominated directors to represent important elements from India’s economy, and 4 directors to represent local boards head-quartered at Mumbai, Kolkata, Chennai and New Delhi. In addition to that, local boards consists of 5 members who represent regional interests, and the interests of co-operative and indigenous banks.
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Offices of RBI
RBI has four zonal offices and about 22 regional offices. Most of the regional offices are located in the state capitals.
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RBI in Education
RBI is also a contributor in the education sector! RBI runs two training colleges-Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune. That is some stunning fact about RBI to know.
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Gold of RBI
RBI has gold in maximum of its offices in vaults but the Nagpur branch holds the biggest chunk of India’s gold deposits. It has an excellent security structure, in case you were wondering of breaking in!
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Issue of Notes!
RBI has the authority to issue bank notes of denominational values of Rs. 2, 5, 10, 20, 50, 100, 500, 1,000, 5,000 and 10,000. The highest denomination note ever printed by the RBI was the Rs 10,000 note in 1938 and again in 1954. These notes were demonetized in 1946 and again in 1978.
Imagine taking out a 10,000 Rs note to purchase a Rs. 1 toffee and saying “Khulla nahi hai!“
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Governors of RBI
Manmohan Singh is the only Prime Minister to have also served as the Governor of RBI ad also the Minister of Finance. The first woman to become the deputy governor of RBI is K. J. Udeshi. She was appointed in 2003.
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Printing and Minting
RBI is responsible only for printing the currency notes. Minting of coins is done by the Government of India. That just seems weird and one of the amazing facts about RBI to know.
Click next to see the Financial year fact of RBI
Financial Year
All over India, the financial year starts from 1st April. However, it is not the case with RBI. The Central banks marks its financial year from 1 June to 30 July.
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