RBI Full Form: Know All About RBI Here!

Full Form of RBI

Though everyone knows that the full form of RBI is the Reserve Bank of India, it is also necessary to keep track of other relevant information that might be useful for you. The Reserve Bank of India acts as India’s Central Bank, and apex regulatory body. It comes under the direct jurisdiction of the Ministry of Finance, Government of India. The RBI is responsible for the regulation of the Indian Banks, issuing and supply of currencies, managing the country’s main payment systems, and promoting economic development and welfare within the country. 

Apart from learning the full form of RBI, here are some quick facts for your benefit.

RBI Quick Facts

• Full form of RBI - Reserve Bank of India.

1. Established on the 1st of April 1935, RBI came into effect as a direct result of the Reserve Bank of India Act, 1934.
2. After India attained independence in 1947, the Reserve Bank of India was nationalized on the 1st of January, 1949. 
3. Up until 2016, the Reserve Bank of India had full authority over the country’s monetary policy. In 2016, a special Monetary Policy Committee was set up to relieve the Reserve Bank of this responsibility. 
4. The Reserve Bank of India’s direction is determined by its 21 board of directors - including the governor, 4 deputy governors, 2 finance ministry representatives, ten government-nominated directors, and four directors representing the local boards of Mumbai, Kolkata, Chennai, and Delhi. These local boards consist of five members, set up to represent the needs of the various regions.
5. The Reserve Bank of India is a member bank of the Asian Clearing Union, and a leading member of the Alliance for Financial Inclusion. (AFI)
6. The Reserve Bank of India is often referred to as Mint Street.
7. The Reserve Bank of India has four regional branches in New Delhi, Chennai, Kolkata, and Mumbai, two training colleges in Chennai and Pune for the training of their officers. 
8. They also run three autonomous institutions, namely the National Institute of Bank Management, Indira Gandhi Institute of Development Research, Institute for Development and Research in Banking Technology (IDRBT). 
9. RBI has set up the following five specialized divisions
1. Bharatiya Reserve Bank Note Mudran - established to mint banknotes and coins
2. Deposit Insurance and Credit Guarantee Corporation - established to provide insurance to deposits and guarantee credit facilities to all Indian Banks.
3. National Payments Corporation of India (NPCI) - established to manage payments and settlements systems in India
4. Reserve Bank Information Technology - Established to serve IT and cybersecurity needs, with a focus on improving the cyber resiliency of the Indian Banking sector. 
5. Indian Financial Technology and Allied Services - Established by the RBI to design and deploy IT-related services to all banks and other types of financial institutions in the country.
10. The RBI is responsible for supervising and regulating three all-India financial entities, which were previously separated from the RBI - SIDBI, NABARD, and India EXIM bank. The list also included NHB, which was later taken over by the Government of India.

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