College of Agricultural Banking, Pune Information

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. PREAMBLE: The Preamble of the Reserve Bank of India 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." MAIN FUNCTIONS Monetary Authority: Formulates, implements and monitors the monetary policy. Regulator and supervisor of the financial system: Prescribes broad parameters of banking operations within which the country's banking and financial system functions. Manager of Foreign Exchange Manages the Foreign Exchange Management Act, 1999. Issuer of currency: Issues and exchanges or destroys currency and coins not fit for circulation. Developmental role Performs a wide range of promotional functions to support national objectives. Related Functions Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker. Banker to banks: maintains banking accounts of all scheduled banks. OFFICES Has 22 regional offices, most of them in state capitals. TRAINING ESTABLISHMENTS Has six training establishments .Three, namely, College of Agricultural Banking, Bankers Training College and Reserve Bank of India Staff College are part of the Reserve Bank Others are autonomous, such as, National Institute for Bank Management, Indira Gandhi Institute for Development Research (IGIDR), Institute for Development and Research in Banking Technology (IDRBT) SUBSIDIARIES: Fully owned: NHB, DICGC, BRBNMPL Majority stake: NABARD The Reserve Bank of India has recently divested its stake in State Bank of India to the Government of India.