84th Establishment Day of RBI: 1st April 2019

Dear Aspirants,

The Central Bank of India is celebrating its 84th establishment day today. The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. The bank was established on the recommendation of the Hilton Young Commission. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.

Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India. The Reserve Bank’s affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.

Shaktikanta Das is the present Governor of RBI and following are the 4 Deputy Governors. 

1. N. S. Vishwanathan, Deputy Governor. 

2. Dr. Viral V. Acharya, Deputy Governor.

3. B.P. Kanungo, Deputy Governor.

4. Mahesh Kumar Jain, Deputy Governor.

Here are the Top 10 Interesting Facts about RBI You Must know as an aspirant: 

1. The RBI logo was inspired by the East India Company Double Mohur.

2. It was formed on April 1, 1935 as a private entity, but is a government entity now. Nationalization of the central bank did not happen till 1949.

3. RBI is responsible only for printing the currency notes. Minting of coins is done by the Government of India.

4. The first woman to become the deputy governor of RBI is K. J. Udeshi. She was appointed in 2003.

5. RBI demonetized notes in the denominations of five thousand rupees (Rs. 5,000) and ten thousand rupees (Rs. 10,000) in 1938. They were reintroduced in 1954 and again demonetized in 1978.

6. RBI was also the central bank for two other countries. It played the role of Central Bank of Pakistan till June 1948 and the Central Bank of Burma ( Myanmar) till April 1947.

7. RBI does not have second class employees. It has 17000 Class I, Class III & Class IV employees.

8. Manmohan Singh is the only Prime Minister to have also served as the Governor of RBI.

9. The first Indian to hold the position of the Governor of RBI was Mr. C.D. Deshmukh. He was the third governor of RBI.

10. RBI runs a Monetary Museum in the premises of the Mumbai head office.