Reserve Bank of India

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Reserve Bank of India

From Wikipedia, the free encyclopedia
The Reserve Bank of India (RBI) is India's central banking institution, which formulates the monetary policy with regard to the Indian rupee. It was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934.[2] The share capital was divided into shares of 100 each fully paid, which was entirely owned by private shareholders in the beginning.[3] Following India's independence in 1947, the RBI was nationalised in the year 1949.
Reserve Bank of India
Contents
RBI seal
RBI headquarters in Mumbai
Headquarters
Mumbai, Maharashtra 1 April 1935 Duvvuri Subbarao Indian rupee ( ) INR US$302.1 billion [1][Note 1] 7.50% 6.00% http://www.rbi.org.in
1 Purposes and structure Established 2 History 2.1 19351950 Governor 2.1.1 19501960 Currency 2.2 19601969 ISO 4217 Code 2.3 19691985 2.4 19851991 Reserves 2.5 19912000 Base borrowing rate 2.6 Since 2000 3 Structure Base deposit rate 3.1 Central Board of Directors Website 3.2 Governors 3.3 Supportive bodies 3.4 Offices and branches 4 Main functions 4.1 Bank of Issue 4.2 Monetary authority 4.3 Regulator and supervisor of the financial system 4.4 Management of foreign exchange 4.5 Issuer of currency 4.6 Banker of banks 5 Detection of fake currency 5.1 Developmental role 5.2 Related functions 6 Policy rates and reserve ratios 6.1 Bank Rate 6.2 Reserve requirement cash reserve ratio (CRR) 6.3 Statutory Liquidity ratio (SLR) 7 Further reading 8 Notes 9 References
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10 External links
Purposes and structure

RBI assumes an important part in the development strategy of the Government of India, and as a leading member of the Alliance for Financial Inclusion (AFI) (http://www.afi-global.org), a global network of financial policymakers from developing and emerging countries working together to increase access to appropriate financial services for the poor. RBI is also a member of the Asian Clearing Union. The general superintendence and direction of the RBI is entrusted with the 21-member-strong Central Board of Directorsthe Governor (currently Duvvuri Subbarao), four Deputy Governors, two Finance Ministry representatives, ten government-nominated directors to represent important elements from India's economy, and four directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi. Each of these local boards consists of five members who represent regional interests, as well as the interests of co-operative and indigenous banks.
History
19351950
The Reserve Bank of India (RBI) was founded on 1 April 1935 to respond to economic troubles after the First World War. The bank was set up based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton Young Commission[4]. It began according to the guidelines laid down by Dr. B. R. Ambedkar, whose guidelines, working style and outlook were presented to the Hilton Young Commission. When this Commission came to India, under the name of "Royal Commission on Indian Currency and Finance", every member of this Commission was holding Dr. Ambedkar's book titled The problem of the rupee: its origin and its solution.[5] The Commission also was advised by John Maynard Keynes, a member of the Commission.
[6][7]
The old RBI Building in Mumbai
The original choice for the seal of RBI was The East India Company Double Mohur, with the sketch of the Lion and Palm Tree. However it was decided to replace the lion with the tiger, the national animal of India. The Preamble of the RBI describes its basic functions to regulate the issue of bank notes, keep reserves to secure monetary stability in India, and generally to operate the currency and credit system in the best interests of the country. The Central Office of the RBI was initially established in Calcutta (now Kolkata), but was permanently moved to Bombay (now Mumbai) in 1937. The RBI also acted as Burma's central bank, except during the years of the Japanese occupation of Burma (194245), until April 1947, even though Burma seceded from the Indian Union in 1937. After the Partition of India in 1947, the Bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations. Though originally set up as a shareholders bank, the RBI has been fully owned by the Government of India since its nationalization in 1949.[8] 19501960 In the 1950s, the Indian government, under its first Prime Minister Jawaharlal Nehru, developed a centrally
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planned economic policy that focused on the agricultural sector. The administration nationalized commercial banks[9] and established, based on the Banking Companies Act of 1949 (later called the Banking Regulation Act), a central bank regulation as part of the RBI. Furthermore, the central bank was ordered to support the economic plan with loans.[10]
19601969
As a result of bank crashes, the RBI was requested to establish and monitor a deposit insurance system. It should restore the trust in the national bank system and was initialized on 7 December 1961. The Indian government founded funds to promote the economy and used the slogan "Developing Banking". The government of India restructured the national bank market and nationalized a lot of institutes. As a result, the RBI had to play the central part of control and support of this public banking sector.
19691985
In 1969, the Indira Gandhi-headed government nationalized 14 major commercial banks. Upon Gandhi's return to power in 1980, a further six banks were nationalized.[11] The regulation of the economy and especially the financial sector was reinforced by the Government of India in the 1970s and 1980s.[12] The central bank became the central player and increased its policies for a lot of tasks like interests, reserve ratio and visible deposits.[13] These measures aimed at better economic development and had a huge effect on the company policy of the institutes. The banks lent money in selected sectors, like agri-business and small trade companies.[14] The branch was forced to establish two new offices in the country for every newly established office in a town.[15] The oil crises in 1973 resulted in increasing inflation, and the RBI restricted monetary policy to reduce the effects.[16]
19851991
A lot of committees analysed the Indian economy between 1985 and 1991. Their results had an effect on the RBI. The Board for Industrial and Financial Reconstruction, the Indira Gandhi Institute of Development Research and the Security & Exchange Board of India investigated the national economy as a whole, and the security and exchange board proposed better methods for more effective markets and the protection of investor interests. The Indian financial market was a leading example for so-called "financial repression" (Mackinnon and Shaw).[17] The Discount and Finance House of India began its operations on the monetary market in April 1988; the National Housing Bank, founded in July 1988, was forced to invest in the property market and a new financial law improved the versatility of direct deposit by more security measures and liberalisation.[18]
19912000
The national economy came down in July 1991 and the Indian rupee was devalued.[19] The currency lost 18% relative to the US dollar, and the Narsimahmam Committee advised restructuring the financial sector by a temporal reduced reserve ratio as well as the statutory liquidity ratio. New guidelines were published in 1993 to establish a private banking sector. This turning point should reinforce the market and was often called neo-liberal.[20] The central bank deregulated bank interests and some sectors of the financial market like the trust and property markets.[21] This first phase was a success and the central government forced a diversity liberalisation to diversify owner structures in 1998.[22] The National Stock Exchange of India took the trade on in June 1994 and the RBI allowed nationalized
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banks in July to interact with the capital market to reinforce their capital base. The central bank founded a subsidiary companythe Bharatiya Reserve Bank Note Mudran Limitedin February 1995 to produce banknotes.[23]
Since 2000
The Foreign Exchange Management Act from 1999 came into force in June 2000. It should improve the foreign exchange market, international investments in India and transactions. The RBI promoted the development of the financial market in the last years, allowed online banking in 2001 and established a new payment system in 20042005 (National Electronic Fund Transfer).[24] The Security Printing & Minting Corporation of India Ltd., a merger of nine institutions, was founded in 2006 and produces banknotes and coins.[25] The national economy's growth rate came down to 5.8% in the last quarter of 20082009[26] and the central bank promotes the economic development.[27]
Structure
Central Board of Directors
The Central Board of Directors is the main committee of the central bank. The Government of India appoints the directors for a four-year term. The Board consists of a governor, four deputy governors, fifteen directors to represent the regional boards, one from the Ministry of Finance and ten other directors from various fields. The Government nominated Arvind Mayaram, as a director of the Central Board of Directors with effect from August 7, 2012 and vice R Gopalan, RBI said in a statement on August 8, 2012. .[28] The RBI runs a monetary museum in Central Government has nominated Shri Rajiv Takru, Secretary, Mumbai Department of Financial Services, Ministry of Finance, New Delhi as a director on the Central Board of Directors of the Reserve Bank of India vice Shri D. K. Mittal. Shri Takru's nomination is with effect from February 4, 2013 and until further orders.[29] IJI0-0==0-990YFYU
Governors
The current Governor of RBI is Duvvuri Subbarao. The RBI extended the period of the present governor up to 2013. There are four deputy governors presently, Deputy Governor K C Chakrabarty, Urjit patel, Anand Sinha and H.R. Khan. Deputy Governor K C Chakrabarty's term has been extended further by 2 years.[30]
Supportive bodies
The Reserve Bank of India has ten regional representations: North in New Delhi, South in Chennai, East in Kolkata and West in Mumbai. The representations are formed by five members, appointed for four years by the central government and servebeside the advice of the Central Board of Directorsas a forum for regional banks and to deal with delegated tasks from the central board.[31] The institution has 22 regional offices. The Board of Financial Supervision (BFS), formed in November 1994, serves as a CCBD committee to control the financial institutions. It has four members, appointed for two years, and takes measures to strength the role of statutory auditors in the financial sector, external monitoring and internal controlling
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systems. The Tarapore committee was set up by the Reserve Bank of India under the chairmanship of former RBI deputy governor S. S. Tarapore to "lay the road map" to capital account convertibility. The five-member committee recommended a three-year time frame for complete convertibility by 19992000. On 1 July 2007, in an attempt to enhance the quality of customer service and strengthen the grievance redressal mechanism, the Reserve Bank of India created a new customer service department.
Offices and branches

The Reserve Bank of India has four zonal offices.[32] It has 19 regional offices at most state capitals and at a few major cities in India. Few of them are located in Ahmedabad, Bangalore, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, Patna, and Thiruvananthapuram. Besides it has 09 sub-offices at Agartala, Dehradun, Gangtok, Kochi, Panaji, Raipur, Ranchi, Shillong, Shimla and Srinagar. The bank has also two training colleges for its officers, viz. Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune. There are also four Zonal Training Centres at Mumbai, Chennai, Kolkata and New Delhi.
Main functions
Bank of Issue
Under Section 22 of the Reserve Bank of India Act, the Bank has the sole right to issue bank notes of all denominations. The distribution of one rupee notes and coins and small coins all over the country is undertaken by the Reserve Bank as agent of the government. The Reserve Bank has a separate Issue Department which is entrusted with the issue of currency notes. The assets and liabilities of the Issue Department are kept separate from those of the Banking Department.
Monetary authority
The Reserve Bank of India is the main monetary authority of the country and beside that, in its capacity as the central bank, acts as the bank of the national and state governments. It formulates, implements and monitors the monetary policy as well as it has to ensure an adequate flow of credit to productive sectors.
Reserve Bank of India regional office, Delhi entrance with the Yakshini sculpture depicting "Prosperity through agriculture".[33]
Regulator and supervisor of the financial system

The institution is also the regulator and supervisor of the financial system and prescribes broad parameters of banking operations within which the country's banking and financial system functions.Its objectives are to maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public. The Banking Ombudsman Scheme has been formulated by the Reserve Bank of India (RBI) for effective addressing of complaints by bank
The RBI Regional Office in Delhi.
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customers. The RBI controls the monetary supply, monitors economic indicators like the gross domestic product and has to decide the design of the rupee banknotes as well as coins.[34]
Management of foreign exchange

The RBI is in charge of facilitating the achievement of the goals of the Foreign Exchange Management Act, 1999. Objective: to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.
Issuer of currency
The regional office of RBI (in sandstone)in front of GPO(in white) at Dalhousie Square, Kolkata.
The bank issues and exchanges or destroys currency notes and coins that are not fit for circulation. The objectives are to give the public an adequate supply of currency of good quality and to provide loans to commercial banks to maintain or improve the GDP. The basic objectives of RBI are to issue bank notes, to maintain the currency and credit system of the country, and to maintain the reserves. RBI maintains the economic structure of the country so that it can achieve the objectives of price stability as well as economic development, because both objectives are diverse in themselves .
Banker of banks
RBI also works as a central bank where commercial banks are account holders and can deposit money. RBI maintains banking accounts of all scheduled banks.[35] Commercial banks create credit. It is the duty of the RBI to control the credit through the CRR, bank rate and open market operations. As the bankers' bank, the RBI facilitates the clearing of cheques between the commercial banks and helps inter-bank transfer of funds. It can grant financial accommodation to schedule banks. It acts as the lender of last resort by providing emergency advances to the banks. It supervises the functioning of the commercial banks and take action against it if need arises.
Detection of fake currency
Nagpur branch holds most of India's gold deposits
In order to curb the fake currency menace, RBI has launched a website to raise awareness among masses about fake notes in the market. www.paisaboltahai.rbi.org.in (http://www.paisaboltahai.rbi.org.in) provides information about identifying fake currency.[36]
Developmental role
The central bank has to perform a wide range of promotional functions to support national objectives and industries.[10] The RBI faces a lot of inter-sectoral and local inflation-related problems. Some of this problems are results of the dominant part of the public sector.[37]
Related functions
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The RBI is also a banker to the government and performs merchant banking function for the central and the state governments. It also acts as their banker. The National Housing Bank (NHB) was established in 1988 to promote private real estate acquisition.[38] The institution maintains banking accounts of all scheduled banks, too. RBI on 7 August 2012 said that Indian banking system is resilient enough to face the stress caused by the drought like situation because of poor monsoon this year.[39]
Policy rates and reserve ratios

Bank Rate
Policy rates, Reserve ratios, lending, and deposit rates as of 14, May, 2013 10.25%(16/7/2013) 7.25% 6.25% 4% 23.0% 9.75%10.50% 4% 8.50%9.0%
RBI lends to the commercial banks through its Bank Rate discount window to help the banks meet depositors demands and reserve requirements for long term. Repo Rate The Interest rate the RBI charges the banks for this Reverse Repo Rate purpose is called bank rate. If the RBI wants to increase the liquidity and money supply in the Cash Reserve Ratio (CRR) market, it will decrease the bank rate and if RBI wants to reduce the liquidity and money supply in Statutory Liquidity Ratio (SLR) the system, it will increase the bank rate. As of 16 Base Rate July 2013, the bank rate was 10.25%. Reserve Bank Rate
Reserve requirement cash reserve ratio (CRR)
Deposit Rate
Every commercial bank has to keep certain minimum cash reserves with RBI. Consequent upon amendment to sub-Section 42(1), the Reserve Bank, having regard to the needs of securing the monetary stability in the country, RBI can prescribe Cash Reserve Ratio (CRR) for scheduled banks without any floor rate or ceiling rate, [Before the enactment of this amendment, in terms of Section 42(1) of the RBI Act, the Reserve Bank could prescribe CRR for scheduled banks between 5% and 20% of total of their demand and time liabilities]. RBI uses this tool to increase or decrease the reserve requirement depending on whether it wants to effect a decrease or an increase in the money supply. An increase in Cash Reserve Ratio (CRR) will make it mandatory on the part of the banks to hold a large proportion of their deposits in the form of deposits with the RBI. This will reduce the size of their deposits and they will lend less. This will in turn decrease the money supply. Due to a Reduction in CRR by 0.25% (25 basis points cut in Cash Reserve Ratio(CRR)) on 17 September 2012, Rs 17,000 crore was released into the system/market. The RBI lowered the CRR by 25 basis points to 4.25% on 30 October 2012, a move it said would inject about 175 billion rupees into the banking system in order to pre-empt potentially tightening liquidity. The latest CRR is 4% (wef 09/02/2013).
Statutory Liquidity ratio (SLR)

Apart from the CRR, banks are required to maintain liquid assets in the form of gold, cash and approved securities. Higher liquidity ratio forces commercial banks to maintain a larger proportion of their resources in liquid form and thus reduces their capacity to grant loans and advances, thus it is an anti-inflationary impact. A higher liquidity ratio diverts the bank funds from loans and advances to investment in government and approved securities. In well-developed economies, central banks use open market operationsbuying and selling of eligible securities by central bank in the money marketto influence the volume of cash reserves with commercial banks and thus influence the volume of loans and advances they can make to the commercial and industrial sectors. In the open money market, government securities are traded at market related rates of interest. The RBI is resorting more to open market operations in the more recent years.
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Generally RBI uses three kinds of selective credit controls: 1. Minimum margins for lending against specific securities. 2. Ceiling on the amounts of credit for certain purposes. 3. Discriminatory rate of interest charged on certain types of advances. Direct credit controls in India are of three types: 1. Part of the interest rate structure i.e. on small savings and provident funds, are administratively set. 2. Banks are mandatory required to keep 23% of their deposits in the form of government securities. 3. Banks are required to lend to the priority sectors to the extent of 40% of their advances.
Further reading
S. L. N. Simha. History of the Reserve Bank of India, Volume 1: 19351951. RBI. 1970. ISBN 81-7596-247-X. (2005 reprint PDF (http://rbidocs.rbi.org.in/rdocs/content/PDFs/89630.pdf)) G. Balachandran. The Reserve Bank of India, 19511967. Oxford University Press. 1998. ISBN 0-19-564468-9. (PDF (http://rbidocs.rbi.org.in/rdocs/content/PDFs/90010.pdf)) A. Vasudevan et al. The Reserve Bank of India, Volume 3: 19671981. RBI. 2005. ISBN 81-7596-299-2. (PDF (http://rbidocs.rbi.org.in/rdocs/content/PDFs/90060.pdf)) Cecil Kisch: Review "The Monetary Policy of the Reserve Bank of India" by K. N. Raj. In: The Economic Journal. Vol. 59, No. 235 (Sep., 1949), pp. 436438. Findlay G. Shirras: The Reserve Bank of India. In The Economic Journal. Vol. 44, No. 174 (Jun., 1934), pp. 258274. Narenda Jadhav, Partha Ray, Dhritidyuti Bose, Indranil Sen Gupta: The Reserve Bank of Indias Balance Sheet: Analytics and Dynamics of Evolution, November 2004.
Notes
1. ^ In 2011 dollars as of 2011.[1]
References
1. ^ a b Press Trust of India (25 December 2011 16:20). "India's forex reserves slump by $4.67 billion" (http://profit.ndtv.com/News/Article/indias-forex-reserves-slump-by-4-67-billion-294717). Mumbai: New Delhi Television Limited. Retrieved 5 January 2012. 2. ^ "Reserve Bank of India Act, 1934" (http://rbidocs.rbi.org.in/rdocs/Publications /PDFs/RBIA1934170510.pdf). p. 115. Retrieved August 6, 2012. 3. ^ "RESERVE BANK OF INDIA ACT, 1934 (As modified up to 27 February 2009)" (http://rbidocs.rbi.org.in/rdocs/Publications /PDFs/RBIAM_230609.pdf). Reserve Bank of India (RBI). Retrieved 20 November 2010. 4. ^ Royal Commission on Indian Currency and Finance, H. M. Stationery Office (1926) 5. ^ B. R. Ambedkar, The problem of the rupee: its origin and its solution. P. S. King & Son, London (1923). 6. ^ The London Gazette: no. 28711. p. 2809 (http://www.london-gazette.co.uk/issues/28711 /pages/2809). 18 April 1913. Retrieved 4 August 2009. 7. ^ See Keynes, John Maynard (1913), Indian Currency and Finance (http://archive.org/stream /indiancurrencyan014875mbp#page/n3/mode/2up), London: Macmillan & Co. 8. ^ "History" (http://www.rbi.org.in/scripts /briefhistory.aspx). RBI. 1935-04-01. Retrieved 2010-08-20. 9. ^ Beth Anne Wilson und Geoffrey N. Keim: India and the Global Economy in Business Economics, January 2006, S.29. 10. ^ a b Narenda Jadhav, Partha Ray, Dhritidyuti Bose, Indranil Sen Gupta: The Reserve Bank of Indias Balance Sheet: Analytics and Dynamics of Evolution, November 2004, S.. 16. 11. ^ "Reserve Bank of India: Platinum Jubilee (PDF)
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(http://rbidocs.rbi.org.in/rdocs/Publications /PDFs/RBI290410BC.pdf)". RBI.org.in. 2010. Retrieved on 15 April 2012. ^ Ananya Mukherjee Reed: Corporate Governance Reforms in India in Journal of Business Ethics, Volume 37, Number 3 / May, 2002, p. 253. ^ Sunil Kumar, Rachita Gulati: Did efficiency of Indian public sector banks converge with banking reforms? in Int Rev Econ (2009) 56:4784, p. 47-48. ^ Panicos O. Demetriades, Kul B. Luintel: Financial Development, Economic Growth and Banking Sector Controls: Evidence from India. in The Economic Journal. Vol. 106, No. 435 (March 1996), pp. 359374, p. 360. ^ Alpana Killawala: History of The Reserve Bank of India Summary, Reserve Bank of India Press Release, 18.03.2006 (http://rbidocs.rbi.org.in/rdocs /PressRelease/PDFs/69367.pdf) (RBI) ^ Narenda Jadhav, Partha Ray, Dhritidyuti Bose, Indranil Sen Gupta: The Reserve Bank of Indias Balance Sheet: Analytics and Dynamics of Evolution, November 2004, S. 40. ^ Sunil Kumar, Rachita Gulati: Did efficiency of Indian public sector banks converge with banking reforms? in Int Rev Econ (2009) 56:4784, p. 48. ^ Chronology of Events, Developing the Markets: Seeds of Liberalization- 1985 to 1991 (http://www.rbi.org.in/scripts/chro_1985.aspx) (RBI) ^ Amal Kanti Ray: Indias Social Development in a Decade of Reforms: 199091/19992000 in Social Indicators Research, Volume 87, Number 3 / July, 2008, p. 410. ^ Ananya Mukherjee Reed: Corporate Governance Reforms in India in Journal of Business Ethics, Volume 37, Number 3 / May, 2002, p. 257. ^ Raghbendra Jha, Ibotombi S. Longjam: Structure of financial savings during Indian economic reforms in Empirical Economics (2006) 31:861869, p.862. ^ Sunil Kumar, Rachita Gulati: Did efficiency of Indian public sector banks converge with banking reforms? in Int Rev Econ (2009) 56:4784, p. 49, ^ Chronology of Events, Crisis and Reforms- 1991 to 2000 (http://www.rbi.org.in/scripts /chro_1991.aspx) (RBI) ^ "RBI History Spanning 7 Decades of Public Service" (http://rbidocs.rbi.org.in/rdocs /opportunities/history.html). Rbidocs.rbi.org.in. 1935-04-01. Retrieved 2010-08-20. ^ Security Printing &Minting Corporation of India, About Us (http://www.spmcil.com/aboutus.htm) (SPMCIL)
26. ^ Second Quarter Review of Monetary Policy for the Year 200910 (http://rbi.org.in/scripts /NotificationUser.aspx?Id=5326&Mode=0), Punkt 15., (RBI) 27. ^ Macroeconomic and Monetary Developments Second Quarter Review 200910 (http://rbidocs.rbi.org.in/rdocs/Publications /PDFs/MMDSQ261009.pdf), S.94, (RBI) 28. ^ "Arvind Mayaram nominated as director in RBI board" (http://economictimes.indiatimes.com /news/news-by-company/corporate-announcement /arvind-mayaram-nominated-as-diector-in-rbiboard/articleshow/15393261.cms). 08-08-2012. 29. ^ "Rajiv Takru nominated as a director on the Central Board of Directors in RBI board" (http://www.rbi.org.in/scripts /BS_PressReleaseDisplay.aspx?prid=28078). 04-04-2013. 30. ^ "Chakrabarty re-appointed RBI Deputy Governor" (http://www.thehindu.com/business /companies/article3524666.ece). 13June 2012. 31. ^ "About us, Organisation and Functions" (http://www.rbi.org.in/scripts /AboutusDisplay.aspx). RBI. Retrieved 2010-08-20. 32. ^ "Reserve Bank of India" (http://www.rbi.org.in /commonman/English/scripts/organisation.aspx). Rbi.org.in. Retrieved 2011-09-16. 33. ^ "History of Reserve Bank" (http://www.rbi.org.in /Commonman/English/History/Scripts /anecdote3.aspx). Retrieved 2009-02-24. 34. ^ RBI, Frequently Asked Questions, Currency Matters (http://www.rbi.org.in/scripts /FAQView.aspx?Id=39) (RBI) 35. ^ [http://rbidocs.rbi.org.in/rdocs/Publications /PDFs/RBIB140520012.pdf Reserve Bank of India, brochure, www.rbi.org.in] 36. ^ "RBI launches website to explain detection of fake currency" (http://timesofindia.indiatimes.com /business/india-business/RBI-launches-websiteto-explain-detection-of-fake-currency/articleshow /14742791.cms). Times of India. 8 July 2012. 37. ^ Samarjit Das, Kaushik Bhattacharya: Price convergence across regions in India in Empirical Economics (2008) 34:299313, S. 312. 38. ^ Alpana Sivam, Sadasivam Karuppannan: Role of state and market in housing delivery for low-income groups in India in Journal of Housing and the Built Environment 17: 6988, 2002, S.85. 39. ^ "Indian banks can weather impact of drought: RBI" (http://economictimes.indiatimes.com /news/news-by-industry/banking/finance/banking /indian-banks-can-weather-impact-of-droughtrbi/articleshow/15388745.cms). 07-08-2012.
External links
Official website (http://www.rbi.org.in/)
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Reserve Bank of India Ombudsman site (http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=159) Retrieved from "http://en.wikipedia.org/w/index.php?title=Reserve_Bank_of_India&oldid=566015353" Categories: Central banks Buildings and structures in Mumbai Organisations based in Mumbai Executive branch of the Indian government Banks of India Banks established in 1935 Financial regulatory authorities of India Economy of Mumbai Reserve Bank of India 1935 establishments in India Regulatory agencies of India This page was last modified on 27 July 2013 at 12:37. Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
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