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 RBI, initially set up in Kolkata, was permanently moved to Mumbai in 1937. Sir Osborne Smith the first Governor of the Bank. The Bank was constituted as a shareholders’ bank. The RBI is the central bank of India and is responsible for regulating the country’s monetary and credit system. It is also responsible for issuing currency and managing the country’s foreign exchange reserves. The RBI works closely with the government of India to formulate and implement monetary and fiscal policies that promote economic growth and stability. It was set up as a private shareholder’s bank with a capital of Rs. 5 crores.
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Important Year | History of the Reserve Bank of India |
---|---|
1935 | Establishment of the Reserve Bank of India under the Reserve Bank of India Act, 1934 |
1937 | The Central Office of the RBI, initially set up in Kolkata, was permanently moved to Mumbai in 1937. |
1949 | Nationalization of the Reserve Bank of India |
1950 | Introduction of a new system of note issue |
1951 | Introduction of a system of credit control |
1969 | Given additional powers to regulate the credit system with nationalization of 14 major banks |
1971 | Declaration of the RBI as the regulator of the Indian money market |
1985 | Establishment of the Deposit Insurance and Credit Guarantee Corporation |
1991 | Implementation of economic reforms to liberalize the Indian economy |
1994 | Introduction of the system of minimum capital requirements for banks |
1997 | Becoming the regulator of the entire financial system in India |
2016 | Introduction of demonetization of Rs. 500 and Rs. 1,000 banknotes |
2018 | Introduction of a new framework for resolving stressed assets in the banking system |
2020 | Implementation of a 3-month moratorium on all term loans due to COVID-19 pandemic |
2021 | Announcement of the issuance of digital currency, also known as Central Bank Digital Currency (CBDC), in phases |
Number | Name | Term |
---|---|---|
1 | Sir Osborne Smith | 1935-1937 |
2 | Sir James Braid Taylor | 1937-1943 |
3 | Sir C. D. Deshmukh | 1943-1949 |
4 | Sir Benegal Rama Rau | 1949-1957 |
5 | K. G. Ambegaonkar | 1957-1957 |
6 | H. V. R. Iyengar | 1957-1962 |
7 | P. C. Bhattacharya | 1962-1967 |
8 | L. K. Jha | 1967-1970 |
9 | B. N. Adarkar | 1970-1970 |
10 | S. Jagannathan | 1970-1975 |
11 | N. C. Sen Gupta | 1975-1975 |
12 | K. R. Puri | 1975-1977 |
13 | M. Narasimham | 1977-1977 |
14 | I. G. Patel | 1977-1982 |
15 | Dr. Manmohan Singh | 1982-1985 |
16 | A Ghosh | 1985-1985 |
17 | R. N. Malhotra | 1985-1990 |
18 | S. Venkitaramanan | 1990-1992 |
19 | C. Rangarajan | 1992-1997 |
20 | Bimal Jalan | 1997-2003 |
21 | Y. V. Reddy | 2003-2008 |
22 | D. Subbarao | 2008-2013 |
23 | Raghuram Rajan | 2013-2016 |
24 | Urjit Patel | 2016-2018 |
25 | Shaktikanta Das | 2018-present |
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