Q: Write about Reserve Bank of India ?

Ans: The Reserve bank of India is the Central bank of India and its headquarters is in Mumbai and it was established on 1st April, 1935 under RBI Act, 1934. 

CV Deshmukh was the first Governor General of RBI of Independent India. 

Reserve bank of India is also called Bank of Banks  or Banker's Bank. 

The Reserve Bank of India was nationalised in 1949.

The license to open the branches of Banks are provided by Reserve Bank of India.

Under Banking Regulation Act,  1949: 

Section 22: Licence granted by Reserve Bank of India. 

Section 23: Permission to open branch at New Place. 

Section 24: Gold and other Securities not less than 20 percent of total demand and time liabilities. The minimum Gold that remains with Reserve Bank of India is 115 Crores. 

The accounting year of Reserve Bank of India is changed to April-March and earlier it was July-June. 


Reserve Bank of India has the absolute right to issue paper currency in India except one rupee note under Section 22 of RBI, Act , 1934.

The notes of Rs 20 and above denomination are printed in Currency Notes Press, Dewas. 

There are 23 departments of Reserve Bank of India. 

Comments

Post a Comment

Popular posts from this blog

Q: What are the functions of Merchant banking in India ?

Ans: Functions of Merchant Banking in India : Merchant Bankers in India carry out following functions and services specifically : 1. Corporate Counseling and Project Counseling. 2. Pre-investment studies and Capital restructuring. 3. Credit Syndication 4. Issue Management and Underwriting 5. Portfolio Management and Working Capital Finance 6. Acceptance Credit and Bill Discounting 7. Mergers, Amalgamations and takeovers 8. Venture Capital 9. Lease Financing 10. Foreign Currency Finance and Fixed deposit broking 11. Mutual Funds 12. Project Appraisal Venture Capital: Start up companies with a potential to grow need a certain amount of investment. Wealthy investors like to invest their capital in such businesses with a long-term growth perspective. This capital is known as venture capital and the investors are called venture capitalists. Acceptance Credit:  A banker's acceptance is a type of credit in which a time draft is honored by a bank.  Lease Financing:  In Lease...
Read more

Q: What are the powers and functions of Reserve Bank of India under Banking Regulation Act, 1949 ?

Ans- Powers and Functions of Reserve Bank of India under Banking Regulation Act, 1949 which was previously known as Banking Companies Act, 1949 :  As a matter of fact, it is true that the Reserve Bank of India has been playing a vital role regarding establishing the new banks, development of old banks and controlling of the existing banking companies in India right since its origin in 1935. It is to be noted that various measures have since been adopted by the Reserve Bank of India under the provisions of Regulation Act, 1949 which are as follows:- 1. Power to Maintain Reserve Fund- According to the provisions of S.17, Reserve Bank may by order in writing declare that provisions of Reserve Fund shall not apply to the banking company for such period as may be prescribed with order. The Banking company shall transfer each year not less than prescribed with order banking company shall transfer each year not less than 20% of its profits to the Reserve Fund. 2. Power to Mai...
Read more

Q: What are the achievements of SEBI ?

Ans: SEBI has enjoyed success as a regulator by pushing systematic reforms aggressively and successively. SEBI is credited for quick movement towards making the markets electronic and paperless by introducing T+5 rolling cycle from July 2001 and T+3 in April 2002 and further to T+2 in April 2003. The rolling cycle of T+2 means, Settlement is done in 2 days after Trade date. SEBI has been active in setting up the regulations as required under law. SEBI did away with physical certificates that were prone to postal delays, theft and forgery, apart from making the settlement process slow and cumbersome by passing Depositories Act, 1996. SEBI has also been instrumental in taking quick and effective steps in light of the global meltdown and the Satyam fiasco.[citation needed] In October 2011, it increased the extent and quantity of disclosures to be made by Indian corporate promoters.In light of the global meltdown, it liberalised the takeover code to facilitate investments by removing regul...
Read more