RBI stands for Reserve Bank of India
Reserve Bank of India is the central bank of India
RBI was formulated in 1935 under
the provisions of Reserve Bank of India Act, 1934. The RBI acts as a banker to
the central government and all banks. It has various roles to play in the
economic welfare of the country.
RBI keeps a watch on the country’s interest
rates, inflation rates, money circulation to stabilize the fiscal economy of
the country. It also ensures that the entities like Bank, Non-Banking Financial
Companies (NBFCs) borrow and lend from direct consumer maintaining their
statutory funds like SLR, CRR ratios. This is to ensure adequate liquidity in the
financial markets. Reserve Bank of India supervises the licensing, capital requirements, norms on
lending for priority sectors (agriculture, manufacturing) for the Banks and NBFCs. Thus; it is a
regulator for all types of banks including co-operative banks, NBFC, rural banks and
others. The RBI works in alliance of the finance ministry relating to the
savings rates after studying the fiscal details of trade and international market.
RBI has the sole authority to print notes and coins to meet the demand for
actual currencies. RBI also acts as a clearing agent for all cheques transfers,
electronic clearance and many more.
RBI has set up the following:
a)
Customer Service Department : A grievance redressal
cell for customers. For any issues you can contact helpcsd@rbi.og.in
b) Banking Codes and Standards Board of India : To
ensure that the banks are working as per the prescribed laws : http://www.bcsbi.org.in/
c) Ombudsman: It is a third party quasi set up
where issues between different banking entities can be resolved: http://bankingombudsman.rbi.org.in
- RBI official website : http://www.rbi.org.in
- Mint official website : http://www.spmcil.com
- Mumbai Mint official website : http://www.mumbaimint.in
Thanks and Regards
Team
Email: saarthifp@gmail.com
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