RBI — Reserve Bank of India

RBI — Reserve Bank of India. UPSC Indian Economy Notes free for IAS Exam

RBI - Reserve Bank of India

Reserve Bank of India (RBI) is India’s central bank. It controls the monetary policy concerning the national currency, the Indian rupee. The basic functions of the RBI are the issuance of currency, to sustain monetary stability in India, to operate the currency, and maintain the country’s credit system.  

Knowing about RBI will help IAS Exam aspirants deal with other topics related to UPSC Indian Economy. This article will hence provide details about RBI and its functioning.

What is RBI?

RBI is an institution of national importance and the pillar of the surging Indian economy. It is a member of the IMF. Recently, RBI has launched a website named https://paisaboltahai.rbi.org.in/. to raise awareness among the masses about fake notes in the market.  

  • The concept of Reserve Bank of India was the strategies formulated by Dr. Ambedkar in his book named “The Problem of the Rupee – Its origin and its solution”.
  • This central banking institution was established the suggestions of the “Royal Commission on Indian Currency & Finance” in 1926. This commission was also known as Hilton Young Commission.
  • In 1949, the Reserve Bank of India was nationalized and became a member bank of the Asian Clearing Union.
  • RBI regulates the credit and currency system in India.
  • The chief objectives of the RBI are to sustain the confidence of the public in the system, protect the interests of the depositors, and offer cost-effective banking services cooperative banking and commercial banking to the people.

Reserve Bank of India (RBI) – Timeline

The RBI is an important tool in the development strategy of the Indian government. UPSC has asked several questions regarding RBI functions, objectives, monetary regulations, etc. especially in UPSC Prelims. One of the things to know about RBI is its timeline which is provided in the table below:

YearEvent
1934The British enacted the Reserve Bank of India Act
1935Reserve Bank of India was established on 1st of April in Calcutta
1937Reserve Bank of India was permanently moved to Mumbai
1949Got nationalized after independence. The bank was held by private stakeholders before this. 

In the year 2016, the original RBI Act of 1934 was amended and that provided the statutory basis for the implementation of the flexible inflation-targeting framework. 

The Preamble of Reserve Bank of India

Another thing to know about RBI is its Preamble. It describes the basic functions of the Reserve Bank as:

“…to regulate the issue of Bank Notes and keeping of reserves to secure monetary stability in India and generally to operate the currency and credit system of the country to its advantage.”

Functions of Reserve Bank of India

Reserve Bank of India works as:

Monetary Authority

  • Implementation of monetary policies.
  • Monitoring the monetary policies
  • Ensuring price stability in the country considering the economic growth of the country

Also, read about the Monetary Policy Committee (MPC) and know more about this six-member committee.

Regulator and Administrator of the Financial System

  • The RBI determines the comprehensive parameters of banking operations.
  • These methods are responsible for the functioning of the country’s banking and financial system. Methods such as:
    • License issuing
    • Liquidity of assets
    • Bank mergers
    • Branch expansion, etc.

Managing Foreign Exchange

  • RBI manages the FOREX Reserves of India.
  • It is responsible for maintaining the value of the Rupee outside the country. 
  • It aids foreign trade payment. 

Issuer of currency

  • The Reserve Bank of India is responsible for providing the public with a sufficient supply of currency notes and coins. 
  • The quality of currency notes and coins is also taken care of by the RBI.
  • RBI is in charge of issuing and exchanging of currency and coins. 
  • Also, the destruction of currency and coins that are not fit for circulation.

RBI’s Developmental role

  • Promotional functions that support national objectives are organized by RBI that encourage rural and agricultural economic development.
  • The RBI will regularly issue directives to the commercial banks to lend loans to small-scale industrial units. 

Composition of RBI

  • Reserve Bank of India is controlled by a central board of directors. The directors are appointed for a 4-year term by the Government of India in keeping with the Reserve Bank of India Act.
  • The Central Board consists of:
    • Governor (Know the list of RBI Governors here.)
    • 4 Deputy Governors
    • 2 Finance Ministry representatives
    • 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai, and New Delhi
  • The executive head of RBI is Governor.
  • The Governor is accompanied by 4 deputy governors.
  • The First Governor of RBI was Sir Osborne Smith and the First Indian Governor of RBI was CD Deshmukh.
  • The First woman Deputy Governor of RBI was KJ Udeshi.
  • The only Prime Minister who was the Governor of RBI was Manmohan Singh.

Zonal Offices

  • RBI has four zonal offices: New Delhi for North, Chennai for South, Kolkata for East, and Mumbai for West.
  • The Reserve Bank of India has 19 regional offices and 11 sub-offices at present.
  • The bank has two training colleges for its officers:
    • Reserve Bank Staff College at Chennai
    • College of Agricultural Banking at Pune.

Reserve Bank of India:- Download PDF Here

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The Reserve Bank of India has offices at 31 locations all across the country.

The main functions of the Reserve Bank of India are as follows:

  • Monetary Authority
  • Regulator and administrator of the financial system
  • Managing Foreign Exchange
  • Issuer of currency
  • Developmental role

RBI logo is to remind and symbolise not just its governmental status, its links to the country – but also its independence and a critical separation of the RBI from the government.The consideration, according to the RBI, in selecting the logo was, that “the seal should emphasise the Governmental status of the Bank, but not too closely” and that “it should have something Indian in the design”.The official emblem of the apex bank – a palm tree and a tiger – is in many ways a vestige of this colonial past and is derived from the East India Company’s original seal and mohur that showed a lion and a palm tree.The tiger, it was decided, would replace the lion. Tigers, at the time, were widespread in India and carried a cultural cache no other species.The tiger was chosen since it was felt to be more an ‘Indian’ animal than the lion. At the time, the tiger was widespread through the country, while the lion was virtually extinct.The RBI also stores a Contingency Fund (CF), which is another provision for tackling unexpected emergencies. Coming to surplus funds, it is the amount RBI transfers to the government after meeting its own expenses. This surplus is basically RBI’s income which it earns through interest on securities it holds.Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.There are four zonal offices of RBI at Mumbai, Kolkata, Delhi and Chennai. RBI has nineteen regional offices at: Thiruvananthapuram, Patna, Nagpur, Lucknow, Mumbai, Kochi, Kolkata, Jammu, Kanpur, Chennai, Delhi, Guwahati, Bhubaneshwar, Bhopal, Hyderabad, Ahmedabad, Chandigarh, Jaipur and Bangalore.The Reserve Bank of India earned a surplus of Rs 1.23 lakh crore deploying its assets from a balance sheet worth Rs 41 lakh crore during its financial year ended June 2019. This is unusually high transfer compared to an average of around Rs 50,000 crore transferred annually by the central bank over the last six years.

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Источник: https://byjus.com/free-ias-prep/rbi/

RBI Recruitment 2020 Apply Online 2 Job Vacancies November 11, 2020

RBI - Reserve Bank of India

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.

The Central Office is where the Governor sits and where policies are formulated and the Reserve Bank is fully owned by the Government of India. the RBI was nationalised in the year of 1949. The RBI plays an important part in the Development Strategy of the Government of India.

It is a member bank of the Asian Clearing Union. The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI).

Reserve Bank of India recruitment comes up with latest recruitment details for various positions Probationary Officer (PO), Specialist Officer (SO), Manager and Clerk post etc. Check upcoming for more Reserve Bank of India Job details in India.

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The Reserve Bank of India (RBI) was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.

Reserve Bank of India provides recruitment details for Assistant, Officers, Research Officer, Security Guard, Engineer, Assistant Manager, Medical Consultant, Professional Counselor, Probationary Officer (PO), Clerk, Specialist Officer (SO), General Manager (GM), Secretary, Security Officers, Manager (Corporate Loans & Finance, Legal), Scale I Officer and Manager, Scale II Officer and Manager, Peon and Other Vacancy Post. FreshersLive is a leading job website for Government jobs in India. FreshersLive collects the latest government jobs recruitment notification from Reserve Bank of India and provides a consolidated view in this page. The page contains latest recruitment process Job Details, Job Locations, Interview Dates, Online Application Form, Fee Details, Eligibility, Qualifications and Job Notifications from RBI. Reserve Bank of India comes up with recruitment notification across different time in a year. In this page, you can find Reserve Bank of India recruitment notification that is currently active and also all expired government job openings from Reserve Bank of India at FreshersLive.com . Reserve Bank of India is available in major cities across India. RBI handles recruitment separately for various posts under each location across india. RBI is available in the following locations — Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Byculla, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kochi, Lucknow, Mumbai, Nagpur, New Delhi , Panaji, Patna, Ranchi, Srinagar, Thiruvananthapuram. This Reserve Bank of India page contains all the current and upcoming RBI recruitment notifications for 2020 across all its locations in India.

RBI Recruitment 2020 November

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Q1. What is RBI Full Form?

The Full Form of RBI is Reserve Bank of India. Candidates can know the Full Form of any company by visiting the respective company official website.

Q2. What are the Jobs in RBI?

Part Time Banks Medical Consultant Vacancy in RBI Recruitment 2020. RBI will show all the active jobs on the current dates. The jobs will be available for various posts and various exams to be conducted by the RBI. So candidates can visit the RBI and if they are eligible for the job they can apply for it.

Q3. What is the Salary of Part Time Banks Medical Consultant in RBI?

The salary for Part Time Banks Medical Consultant will be fixed by the RBI before the exam. In the official notification the officials will mention the salary for the Part Time Banks Medical Consultant in detail along with other details age limit, eligibility criteria, etc., From the notification it is clear The salary for Part Time Banks Medical Consultant is Not Disclosed.

Q4. What is the Eligibility Criteria for RBI?

Nationality: Candidates must be a citizen of India only and for more details check our website fresherslive. Candidates should hold any MBBS in any reputation university/institution.Candidates applying for RBI must be .

Q5. What is the Last date to apply for Part Time Banks Medical Consultant?

Eligible candidates can apply for Part Time Banks Medical Consultant before the last date. The last date to apply for RBI Part Time Banks Medical Consultant is 03/12/2020. Candidates should not wait till the last date as there will be heavy traffic in the portal. Candidates can check the RBI Part Time Banks Medical Consultant Application Form link from the RBI official website.

Q6. How to apply for RBI Part Time Banks Medical Consultant 2020?

Candidates can apply for RBI Part Time Banks Medical Consultant 2020 from the official link provided in the recruitment page or visit the RBI official website. The step wise procedure to apply for the RBI Part Time Banks Medical Consultant 2020 will be mentioned in PDF released by RBI. Candidates should read the instructions carefully before applying for RBI Part Time Banks Medical Consultant 2020.

Q7. What is the qualification for RBI?

The qualification for RBI: Candidates should have completed MBBS and doesnt consider anything less than the given criteria. Additional certification would be given preference.

Q8. How can I join in RBI?

First candidates should check the official notification released by RBI. Candidates should check the eligibility criteria given in the official notification PDF. Candidates should apply only when they meet the eligibility criteria. After applying RBI will shortlist the eligible candidates and will intimate them to appear for the exam. Finally candidates can join the RBI only when he/she qualifies in all the selection process set by the Company.

Q9. How many vacancies are there in RBI?

There are totally 2 vacancies alloted for RBI. RBI will conduct exams/interview to fill the vacancies.

Q10. What is the fees of RBI Part Time Banks Medical Consultant?

The fee structure for RBI Part Time Banks Medical Consultant is given below
The fee structure for RBI Part Time Banks Medical ConsultantCandidates can make their payment either online or offline mode. The online payment can be done by Debit/Credit Card /Net Banking. Offline mode of payment can be done by visiting the respective bank said by the RBI during the application process.

Q11. What is the Selection Procedure for RBI Part Time Banks Medical Consultant?

The Selection Procedure for RBI Part Time Banks Medical Consultant is Prelims Exam, Mains Exam and Interview. Candidates qualifying in the prelims exam will be eligible to appear for the mains exam. Those candidates who qualify in the mains exam will be eligible to appear for the interview which is the final stage. Candidates qualifying in all the selection process will be hired as Part Time Banks Medical Consultant in RBI.

Источник: https://www.fresherslive.com/rbi-reserve-bank-of-india-recruitment

RBI — Reserve Bank of India — Organisation Structure, Functions & Policies

RBI - Reserve Bank of India

The Reserve Bank of India (RBI) is India’s central bank, also known as the banker’s bank. The RBI controls monetary and other banking policies of the Indian government. The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the Reserve Bank of India Act, 1934. The Reserve Bank is permanently situated in Mumbai since 1937.

This article covers the following:  

The Reserve Bank is fully owned and operated by the Government of India.

The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as:

  • Regulating the issue of Banknotes
  • Securing monetary stability in India
  • Modernising the monetary policy framework to meet economic challenges

The Reserve Bank’s operations are governed by a central board of directors, RBI is on the whole operated with a 21-member central board of directors appointed by the Government of India in accordance with the Reserve Bank of India Act.

The Central board of directors comprise of:

  • Official Directors – The governor who is appointed/nominated for a period of four years along with four Deputy Governors
  • Non-Official Directors – Ten Directors from various fields and two government Official

Objectives

The primary objectives of RBI are to supervise and undertake initiatives for the financial sector consisting of commercial banks, financial institutions and non-banking financial companies (NBFCs).

Some key initiatives are:

  1. Restructuring bank inspections
  2. Fortifying the role of statutory auditors in the banking system

The Reserve Bank of India comes under the purview of the following Acts:

  • Reserve Bank of India Act, 1934
  • Public Debt Act, 1944
  • Government Securities Regulations, 2007
  • Banking Regulation Act, 1949
  • Foreign Exchange Management Act, 1999
  • Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
  • Credit Information Companies(Regulation) Act, 2005
  • Payment and Settlement Systems Act, 2007

   

Major Functions of RBI

Monetary Authority 

  • Formulating and implementing the national monetary policy.
  • Maintaining price stability across all sectors while also keeping the objective of growth.

Regulatory and Supervisory 

  • Set parameters for banks and financial operations within which banking and financial systems function.
  • Protect investors interest and provide economic and cost-effective banking to the public.

Foreign Exchange Management

  • Oversees the Foreign Exchange Management Act, 1999.
  • Facilitate external trade and development of foreign exchange market in India.

Currency Issuer

  • Issues, exchanges or destroys currency and not fit for circulation.
  • Provides the public adequately with currency notes and coins and in good quality.

Developmental role

  • Promotes and performs promotional functions to support national banking and financial objectives.

Related Functions

  • Provides banking solutions to the central and the state governments and also acts as their banker.
  • Chief Banker to all banks: maintains banking accounts of all scheduled banks.

RBI Annual publications 

Annual Report – The annual report is a statutory report of the Reserve Bank of India that is released every year.

This report consists of valuation and progress of the Indian economy.

Overview of the economy, the working of the Reserve Bank during that year and the RBI’s projected vision and agenda for the following year along with the annual accounts of the Reserve Bank

Report on Trend and Progress of Banking in India – This document is an assessment of the policies and progress of the financial sector for the preceding year.

Lectures – The Reserve Bank of India has constituted three annual lectures. Two of these lectures are conducted by past Governors of the Reserve Bank and one lecture is by a noted economist.

Report on Currency and Finance – This report is documented and presented by the staff of Reserve Bank of India bank and focusses on a particular theme and presents a detailed economic analysis of the issues related to the theme. Handbook of Statistics on the Indian Economy – This report is an important initiative by the Reserve Bank to improve data distribution. It is a resourceful storehouse of major statistical information.

State Finances: A Study of Budgets – The report is an essential source of segregated state-wise financial data and provides an analytical data-driven conceptualisation on the fiscal position of state governments across India. These data inputs are used to analyse specific issues of relevance.

Statistical Tables Relating to Banks in India – This annual publication contains holistic timeline data with regards to the Scheduled Commercial Banks (SCBs) of India.

The report also covers the information of balance sheets and performance indicators for each SCB in India.

The journal also includes segregated data sources on some essential factors relating to bank-wise, bank group-wise and state-wise level of information.

Basic Statistical Returns – This is another data-focused yearly journal which represents complex information on the number of offices, employees, deposits and credit of Scheduled Commercial Banks in minute levels of detail such as, region-wise, state-wise and district-wise information. This information also trickles down to the population and credit requirements in each bank.

RBI Policies 

Repo Rate Repo or repurchase rate is the benchmark interest rate at which the RBI lends money to all other banks for a short-term. When the repo rate increases, borrowing from RBI becomes more expensive and hence customers or the public bear the outcome of high-interest rates.

Reverse Repo Rate (RRR) Reverse Repo rate is the short-term borrowing rate at which RBI borrows money from other banks. The Reserve Bank of India uses this method to reduce inflation when there is excess money in the banking system.

Cash Reserve Ratio (CRR) is the particular share of any bank’s total deposit that is mandatory and to be maintained with the Reserve Bank of India in the form of liquid cash.

Statutory liquidity ratio (SLR) Leaving aside the cash reserve ratio, banks are required to maintain liquid assets in the form of gold and approved securities. A higher SLR disables the banks to grant more loans.

Payment System Initiatives

  • The Reserve Bank has taken many steps towards initiating and updating secure and sustainable methods of payment systems in India to meet public requirements.
  • Currently, payment methods in India consist of paper-based instruments, electronic instruments and other instruments, such as pre-paid system (e-wallets), mobile internet banking, ATM-based transactions, Point-of-sale terminals and online transactions.
  • Use of paper-based instruments such as cheques and demand drafts accounts for nearly 60% of the volume of total non-cash transactions in India. These forms of payments have been steadily decreasing over a period of time due to the electronic modes of payments gaining popularity due to the comparative convenience, safety and overall efficiency.
  • Magnetic Ink Character Recognition (MICR) technology was introduced by RBI  in the paper-based payment method for speeding up and bringing in efficiency in the processing of cheques.
  • A separate clearing system for paper-based payment method was introduced for clearing cheques of high-value ranging from rupees one lakh and above.

      Also, the introduction of cheque truncation (CTS) system restricts the physical movement of cheques and utilises images for enhanced secure payment processing.

The initiatives taken by the Reserve Bank in the domain of electronic payment systems are immense and vast. The types of electronic forms of payment by the RBI are as follows:

  • Electronic Clearing Service (ECS) – This enables customer bank accounts to be credited with a specified value and payment on a set date. This makes EMIs, or other monthly bills hassle free.
  • National Electronic Clearing Service (NECS) – This facilitates multiple advantages to beneficiary accounts with destination branches against a single debit of the account of the sponsor bank.
  • Electronic Funds Transfer (EFT) – This retail funds transfer system was to enable an account holder of a bank to electronically transfer funds to another account holder with any other intermediate or participating bank.
  • National Electronic Funds Transfer (NEFT) –  A secure system to facilitate real-time fund transfer between individuals/corporates.
  • Real Time Gross Settlement (RTGS) – A funds transfer function in which transfer of money takes place from one bank to another on a real-time basis without delaying or netting with any other transaction.
  • Clearing Corporation of India Limited (CCIL) – This system is for banks, financial institutions, non- banking financial companies and primary dealers, to serve as an industry service mechanism for clearing settlement of trades in money market, government securities and foreign exchange markets.
  • The RBI (Reserve Bank of India) has made changes to the Prepaid Payment Instruments (PPI) also know as e-wallets. These changes include KYC – known your customer compliance. KYC is the process of collecting user details by the service provider and verifying the same with the respective government bodies.

To know the latest news from The Reserve Bank of India read circulars and notifications

Источник: https://cleartax.in/s/rbi-reserve-bank-of-india

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