BANKING AWARENESS :2016

BRIEF HISTORY OF ESTABLISHMENT OF RBI

The Reserve Bank of India is the central bank of the country. Central banks are a relatively recent innovation and most central banks, as we know them today, were established around the early twentieth century.

The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935.

The Bank was constituted to
  * Regulate the issue of banknotes
  * Maintain reserves with a view to securing monetary stability and
  * To operate the credit and currency system of the country to its advantage.

The Bank began its operations by taking over from the Government the functions so far being performed by the Controller of Currency and from the Imperial Bank of India, the management of Government accounts and public debt. The existing currency offices at Calcutta, Bombay, Madras, Rangoon, Karachi, Lahore and Cawnpore (Kanpur) became branches of the Issue Department. Offices of the Banking Department were established in Calcutta, Bombay, Madras, Delhi and Rangoon.

Burma (Myanmar) seceded from the Indian Union in 1937 but the Reserve Bank continued to act as the Central Bank for Burma till Japanese Occupation of Burma and later upto April, 1947. After the partition of India, the Reserve Bank served as the central bank of Pakistan upto June 1948 when the State Bank of Pakistan commenced operations. The Bank, which was originally set up as a shareholder's bank, was nationalised in 1949.

An interesting feature of the Reserve Bank of India was that at its very inception, the Bank was seen as playing a special role in the context of development, especially Agriculture. When India commenced its plan endeavours, the development role of the Bank came into focus, especially in the sixties when the Reserve Bank, in many ways, pioneered the concept and practise of using finance to catalyse development. The Bank was also instrumental in institutional development and helped set up insitutions like the Deposit Insurance and Credit Guarantee Corporation of India, the Unit Trust of India, the Industrial Development Bank of India, the National Bank of Agriculture and Rural Development, the Discount and Finance House of India etc. to build the financial infrastructure of the country.

With liberalisation, the Bank's focus has shifted back to core central banking functions like Monetary Policy, Bank Supervision and Regulation, and Overseeing the Payments System and onto developing the financial markets.

  

RBI GOVERNORS:

Sir Osborne Smith Sir James Taylor Sir C D Deshmukh Sir Benegal Rama Rau K G Ambegaonkar H V R Iengar P C Bhattacharya L K Jha

B N Adarkar S Jagannathan N C Sen Gupta K R Puri M Narasimham Dr. I G Patel Dr. Manmohan Singh A Ghosh

R N Malhotra S Venkitaramanan Dr. C Rangarajan Dr. Bimal Jalan Dr. Y V Reddy Dr. D. Subbarao Dr. Raghuram Rajan Dr. Urjit R. Patel

RBI DEPUTY GOVERNORS:

Shri N. S. Vishwanathan 04.07.2016 onwards

Shri S. S. Mundra 30.07.2014 onwards

Shri R. Gandhi 03.04.2014 onwards

Dr. Urjit R. Patel 11.01.2013 to 10.01.2016
11.01.2016 to 04.09.2016

Shri Harun R. Khan 04.07.2011 to 03.07.2014
04.07.2014 to 04.07.2016

Shri Anand Sinha 19.01.2011 to 18.01.2014

Dr. Subir Gokarn 24.11.2009 to 31.12.2012

Dr.K.C.Chakrabarty 15.06.2009 to 25.04.2014

Smt Usha Thorat 10.11.2005 to 09.11.2010

Smt Shyamala Gopinath 21.09.2004 to 08.09.2009
09.09.2009 to 20.06.2011 (forenoon)

Shri V Leeladhar 21.09.2004 to 08.12.2008 (forenoon)

Smt. K J Udeshi 10.06.2003 to 12.10.2005

Rakesh Mohan 09.09.2002 to 31.10.2004
02.07.2005 to 10.06.2009

G P Muniappan 01.07.2001 to 31.05.2003

Vepa Kamesam 01.07.2001 to 23.09.2003
24.09.2003 to 23.12.2003

Jagdish Capoor 01.01.1997 to 30.06.1999
01.07.1999 to 30.06.2001

Y V Reddy 14.09.1996 to 31.08.2001
01.09.2001 to 31.07.2002

R.V. Gupta 02.05.1995 to 30.11.1997

S.P. Talwar 07.11.1994 to 30.06.1999
01.07.1999 to 30.06.2001

D.R. Mehta 11.11.1992 to 21.02.1995

S.S. Tarapore 30.01.1992 to 30.09.1996

R. Janakiraman 16.05.1990 to 15.05.1993 

P.R. Nayak 01.04.1987 to 31.03.1992

P.D. Ojha29.04.1985 to 28.04.1990

R.K. Kaul01.10.1983 to 30.09.1986

M.V. Hate 12.03.1982 to 11.03.1985

C. Rangarajan 12.02.1982 to 11.02.1987
12.02.1987 to 20.08.1991

A. Ghosh 21.01.1982 to 20.01.1987
21.01.1987 to 20.01.1992

M. Ramakrishnayya 02.01.1978 to 31.01.1983

J.C. Luther 04.01.1977 to 01.06.1977

P.R. Nangia 29.12.1975 to 15.02.1982

K.S. Krishnaswamy 29.12.1975 to 31.03.1981

R.K. Sheshadri 26.07.1973 to 25.07.1976

S.S. Shiralkar 18.12.1970 to 25.07.1976

V.V. Chari 17.11.1970 to 30.11.1975

R.K. Hazari 27.11.1969 to 26.11.1977

P.N. Damry 13.02.1967 to 12.02.1972
13.02.1972 to 15.03.1972

Prof. J.J. Anjaria 01.02.1967 to 28.02.1970

A. Bakshi 24.01.1967 to 08.09.1969

B.N. Adarkar 16.06.1965 to 03.05.1970

B.K. Madan 01.07.1964 to 31.01.1967

M.R. Bhide 29.02.1964 to 25.01.1967

C.S. Divekar 12.11.1962 to 11.11.1965

D.G. Karve 01.03.1962 to 29.02.1964 

M.V. Rangachari 01.03.1960 to 28.02.1965

B. Venkatappaiah 01.07.1955 to 30.06.1960
01.07.1960 to 28.02.1962K.

G. Ambegaonkar 01.03.1955 to 13.01.1957
01.03.1957 to 29.02.1960

J.V. Joshi 11.09.1952 to 10.01.1953

Ram Nath  08.06.1951 to 08.07.1951
09.07.1951 to 08.07.1956
09.07.1956 to 08.07.1959

N. Sundaresan 01.01.1950 to 31.12.1954

W.T. McCallum 15.04.1946 to 14.08.1946
15.04.1948 to 14.07.1948

M.G. Mekhri 08.07.1946 to 07.07.1951

C.R. Trevor 16.08.1943 to 31.12.1949

Wajahat Hussain16.08.1943 to 04.12.1945

C.D. Deshmukh22.12.1941 to 10.08.1943

Manilal B. Nanavati21.12.1936 to 21.12.1941

Captain Sir Sikander Hyat Khan01.04.1935 to 20.10.1935

Sir James B. Taylor01.04.1935 to 30.06.1937

PRESENT  MONETARY POLICY:

Repo Rate	6.50%
Bank Rate	7.00%
Marginal Standing Facility (MSF)	7.00%
Cash Reserve Ratio (CRR)	4.00%
Statutory Liquidity Ratio (SLR)	21.00%