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uses of reserve bank of india |
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Re: uses of reserve bank of india
Reserve Bank of India is India's central bank, headquartered at Bombay. It execute multiple functions such as overseeing monetary policy, issuing currency, managing foreign exchange, working as a bank of government and as banker of scheduled commercial banks, etc. It also works for overall economic growth of India. It was established in 1935 with the provision of Reserve Bank of India Act, 1934. Though privately owned initially, it was nationalised in 1949 and since then fully owned by Government of India (GoI). It is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI). It is often referred to by the name Mint Street. The Preamble of the Bank describes the basic functions of the Reserve Bank as: "...to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage." Functions The functions of the Reserve Bank today can be categorised as follows: Monetary policy Regulation and supervision of the banking and non-banking financial institutions, including credit information companies Regulation of money, forex and government securities markets as also certain financial derivatives Debt and cash management for Central and State Governments Management of foreign exchange reserves Foreign exchange management—current and capital account management Banker to banks Banker to the Central and State Governments Oversight of the payment and settlement systems Currency management Developmental role Research and statistics Functions of Reserve Bank of India rbidocs.rbi.org.in/rdocs/Publications/PDFs/FU1F7610B232D146E6967C41FCD3E4D016.PDF |
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