Reserve Bank of India - Wikipedia
Reserve Bank of India - Wikipedia
Reserve Bank of India - Wikipedia
(usually the Economic Affairs Secretary and the Financial Website rbi.org.in (https://rbi.
Services Secretary); ten government-nominated directors to org.in)
represent important elements of India's economy; and four
directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and the capital
New Delhi. Each of these local boards consists of five members who represent regional interests,
the interests of co-operative and indigenous banks.
The central bank is an independent apex monetary authority which regulates banks and provides
important financial services like storing of foreign exchange reserves, control of inflation,
monetary policy report till August 2016. A central bank is known by different names in different
countries. The functions of a central bank may vary from country to country and are autonomous
or body and perform or through another agency vital monetary functions in the country. A central
bank is a vital financial apex institution of an economy and the key objects of central banks may
differ from country to country still they perform activities and functions with the goal of
maintaining economic stability and growth of an economy.[11]
The bank is also active in promoting financial inclusion policy and is a leading member of the
Alliance for Financial Inclusion (AFI). The bank is often referred to by the name 'Mint Street'.[12]
RBI is also known as banker's bank.
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Contents
Preamble
History
1935–1949
1950–1960
1961–1968
1969–1984
1985–1990
1991–1999
Since 2000
Structure
Branches and support bodies
Functions
Financial supervision
Regulator and supervisor of the financial system
Regulator and supervisor of the payment and settlement systems
Banker and debt manager to government
Managing foreign exchange
Issue of currency
Banker's bank
Regulator of the Banking System
Detection of fake currency
Developmental role
Related functions
Custodian to foreign exchange
2016 demonetisation
Cash crunch and effects
Policy rates and reserve ratios
Repo rate
Reverse repo rate (RRR)
Statutory liquidity ratio (SLR)
Bank rate
Liquidity adjustment facility (LAF)
Cash reserve ratio (CRR)
Open market operation (OMO)
Marginal standing facility (MSF)
Qualitative tools
Margin requirements
Selective credit control
Moral suasion
Limitations of monetary policy
RTGS and NEFT transactions' charges removal
Regulation of variable pay of bank management
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Publications
References
Further reading
External links
Preamble
The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as:
"to regulate the issue of Bank notes and keeping of reserves with a view to securing
monetary stability in India and generally to operate the currency and credit system of
the country to its advantage; to have a modern monetary policy framework to meet the
challenge of an increasingly complex economy, to maintain price stability while keeping
in mind the objective of growth."
History
The Reserve Bank of India was established following the
Reserve Bank of India Act of 1934.[13] Though privately owned
initially, it was nationalised in 1949 and since then fully owned
by Government of India (GoI).
1935–1949
A 2010 stamp dedicated to the 75th
The Reserve Bank of India was founded on 1 April 1935 to anniversary of the Reserve Bank of
respond to economic troubles after the First World War.[14] India
The Reserve Bank of India was conceptualised based on the
guidelines presented by the Central Legislative Assembly
which passed these guidelines as the RBI Act 1934.[15] RBI was
conceptualised as per the guidelines, working style and outlook
presented by Dr. B. R. Ambedkar in his book titled “The
Problem of the Rupee – Its origin and its solution” and
presented to the Hilton Young Commission.[16][17][18][19] The
bank was set up based on the recommendations of the 1926
Royal Commission on Indian Currency and Finance, also
known as the Hilton–Young Commission.[20] The original
choice for the seal of RBI was the East India Company Double
Mohur, with the sketch of the Lion and Palm Tree. However, it
was decided to replace the lion with the tiger, the national
animal of India. The Preamble of the RBI describes its basic
functions to regulate the issue of bank notes, keep reserves to Reserve Bank of India-10 Rupees
secure monetary stability in India, and generally to operate the (1938), first year of banknote issue.
currency and credit system in the best interests of the country.
The Central Office of the RBI was established in Calcutta (now
Kolkata) but was moved to Bombay (now Mumbai) in 1937. The RBI also acted as Burma's (now
Myanmar) central bank until April 1947 (except during the years of Japanese occupation (1942–
45)), even though Burma seceded from the Indian Union in 1937. After the Partition of India in
August 1947, the bank served as the central bank for Pakistan until June 1948 when the State Bank
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of Pakistan commenced operations. Though set up as a shareholders’ bank, the RBI has been fully
owned by the Government of India since its nationalisation in 1949.[21] RBI has monopoly of note
issue.
1950–1960
In the 1950s, the Indian government, under its first Prime Minister Jawaharlal Nehru, developed a
centrally planned economic policy that focused on the agricultural sector. The administration
nationalised commercial banks[22] and established, based on the Banking Companies Act, 1949
(later called the Banking Regulation Act), a central bank regulation as part of the RBI.
Furthermore, the central bank was ordered to support economic plan with loans.[23]
1961–1968
As a result of bank crashes, the RBI was requested to establish and monitor a deposit insurance
system. Meant to restore the trust in the national bank system, it was initialised on 7 December
1961. The Indian government founded funds to promote the economy, and used the slogan
"Developing Banking". The government of India restructured the national bank market and
nationalised a lot of institutes. As a result, the RBI had to play the central part in controlling and
supporting this public banking sector.
1969–1984
In 1969, the Indira Gandhi-headed government nationalised 14 major commercial banks. Upon
Indira Gandhi's return to power in 1980, a further six banks were nationalised.[20] The regulation
of the economy and especially the financial sector was reinforced by the Government of India in the
1970s and 1980s.[24] The central bank became the central player and increased its policies a lot for
various tasks like interests, reserve ratio and visible deposits.[25] These measures aimed at better
economic development and had a huge effect on the company policy of the institutes. The banks
lend money in selected sectors, like agricultural business and small trade companies.[26] The
Banking Commission was established on Wednesday, 29 January 1969, to analyse banking costs,
effects of legislations and banking procedures, including non banking financial intermediaries and
indigenous banking on Government of India economy; with Mr. R.G. Saraiya as the
chairman.[27][28][29]
The branch was forced to establish two new offices in the country for every newly established office
in a town.[30] The oil crises in 1973 resulted in increasing inflation, and the RBI restricted
monetary policy to reduce the effects.[31]
1985–1990
A lot of committees analysed the Indian economy between 1985 and 1991. Their results had an
effect on the RBI. The Board for Industrial and Financial Reconstruction, the Indira Gandhi
Institute of Development Research and the Security & Exchange Board of India investigated the
national economy as a whole, and the security and exchange board proposed better methods for
more effective markets and the protection of investor interests. The Indian financial market was a
leading example for so-called "financial repression" (Mckinnon and Shaw).[25] The Discount and
Finance House of India began its operations in the monetary market in April 1988; the National
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Housing Bank, founded in July 1988, was forced to invest in the property market and a new
financial law improved the versatility of direct deposit by more security measures and
liberalisation.[32]
1991–1999
The national economy contracted in July 1991 as the Indian rupee was devalued.[33] The currency
lost 18% of its value relative to the US dollar, and the Narsimham Committee advised restructuring
the financial sector by a temporal reduced reserve ratio as well as the statutory liquidity ratio. New
guidelines were published in 1993 to establish a private banking sector. This turning point was
meant to reinforce the market and was often called neo-liberal.[24] The central bank deregulated
bank interests and some sectors of the financial market like the trust and property markets.[34]
This first phase was a success and the central government forced a diversity liberalisation to
diversify owner structures in 1998.[25]
The National Stock Exchange of India took the trade on in June 1994 and the RBI allowed
nationalised banks in July to interact with the capital market to reinforce their capital base. The
central bank founded a subsidiary company—the Bharatiya Reserve Bank Note Mudran Private
Limited—on 3 February 1995 to produce banknotes.[35]
Since 2000
The Foreign Exchange Management Act, 1999 came into force in June 2000. It should improve
the item in 2004–2005 (National Electronic Fund Transfer).[36] The Security Printing & Minting
Corporation of India Ltd., a merger of nine institutions, was founded in 2006 and produces
banknotes and coins.[37]
The national economy's growth rate came down to 5.8% in the last quarter of 2008–2009[38] and
the central bank promotes the economic development.[39]
In 2016, the Government of India amended the RBI Act to establish the Monetary Policy
Committee (MPC) to set. This limited the role of the RBI in setting interest rates, as the MPC
membership is evenly divided between members of the RBI (including the RBI governor) and
independent members appointed by the government. However, in the event of a tie, the vote of the
RBI governor is decisive.[7]
Structure
The central board of directors is the main committee of the
central bank. The Government of India appoints the directors
for a four-year term. The board consists of a governor, and not
more than four deputy governors; four directors to represent
the regional boards;[40] two — usually the Economic Affairs
Secretary and the Financial Services Secretary — from the
Ministry of Finance and ten other directors from various fields.
The Reserve Bank — under Raghuram Rajan's governorship —
wanted to create a post of a chief operating officer (COO), in
RBI runs a monetary museum in
the rank of deputy governor and wanted to re-allocate work Mumbai
between the five of them (four deputy governor and
COO).[41][42]
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The bank is headed by the governor, currently Shaktikanta Das.[1] There are four deputy governors
B. P. Kanungo,[43] N. S. Vishwanathan, Mahesh Kumar Jain, and Michael Patra.[44][45][46]
Two of the four deputy governors are traditionally from RBI ranks and are selected from the bank's
executive directors. One is nominated from among the chairpersons of public sector banks and the
other is an economist. An Indian Administrative Service officer can also be appointed as deputy
governor of RBI and later as the governor of RBI as with the case of Y. Venugopal Reddy and
Duvvuri Subbarao. Other persons forming part of the central board of directors of the RBI are Dr.
Nachiket Mor, Y. C. Deveshwar, Prof Damodar Acharya, Ajay Tyagi and Anjuly Duggal.
Uma Shankar, chief general manager (CGM) in charge of the Reserve Bank of India's financial
inclusion and development department has taken over as executive director (ED) in the central
bank.
It has two training colleges for its officers, viz. Reserve Bank RBI Headquarters in Mumbai[48]
Staff College, Chennai and College of Agricultural Banking,
Pune. There are three autonomous institutions run by RBI
namely National Institute of Bank Management (NIBM), Indira Gandhi Institute of Development
Research (IGIDR), Institute for Development and Research in Banking Technology (IDRBT).[50]
There are also four zonal training centres at Mumbai, Chennai, Kolkata, and New Delhi.
The Board of Financial Supervision (BFS), formed in November 1994, serves as a CCBD committee
to control the financial institutions. It has four members, appointed for two years, and takes
measures to strength the role of statutory auditors in the financial sector, external monitoring, and
internal controlling systems. The Tarapore committee was set up by the Reserve Bank of India
under the chairmanship of former RBI deputy governor S. S. Tarapore to "lay the road map" to
capital account convertibility. The five-member committee recommended a three-year time frame
for complete convertibility by 1999–2000.
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On 8 December 2017, Surekha Marandi, Executive Director (ED) of Reserve Bank of India, said
RBI will open an office in the north-eastern state of Arunachal Pradesh[51]
Functions
Financial supervision
The primary objective of RBI is to undertake consolidated
supervision of the financial sector comprising commercial
banks, financial institutions, and non-banking finance
companies.
The board is constituted by co-opting four directors from the The regional office of RBI (right) in
Central Board as members for a term of two years and is front of GPO (left) at Dalhousie
Square, Kolkata.
chaired by the governor. The deputy governors of the reserve
bank are ex-officio members. One deputy governor, usually the
deputy governor in charge of banking regulation and
supervision, is nominated as the vice-chairman of the board. The board is required to meet
normally once every month. It considers inspection reports and other supervisory issues placed
before it by the supervisory departments.
BFS through the Audit Sub-Committee also aims at upgrading the quality of the statutory audit
and internal audit functions in banks and financial institutions. The audit sub-committee includes
deputy governor as the chairman and two directors of the Central Board as members. The BFS
oversees the functioning of the Department of Banking Supervision (DBS), the Department of Non-
Banking Supervision (DNBS) and the Financial Institutions Division (FID) and gives directions on
the regulatory and supervisory issues.
complaints by bank customers. The RBI controls the monetary supply, monitors economic
indicators like the gross domestic product and has to decide the design of the rupee banknotes as
well as coins.[53]
NEFT operates on a deferred net settlement (DNS) basis and settles transactions in batches. The
settlement takes place for all transactions received until a particular cut-off time. It operates in
hourly batches — there are twelve settlements from 8 am to 7 pm on weekdays and six between
8 am and 1 pm on Saturdays.[55] Any transaction initiated after the designated time would have to
wait until the next settlement time. In RTGS, transactions are processed continuously, all through
the business hours. RBI's settlement time is 9 am to 4:30 pm on weekdays and 9 am to 2 pm on
Saturdays.[56]
With the increasing integration of the Indian economy with the global economy arising from
greater trade and capital flows, the foreign exchange market has evolved as a key segment of the
Indian financial market and the RBI has an important role to play in regulating and managing this
segment. The RBI manages forex and gold reserves of the nation.
On a given day, the foreign exchange rate reflects the demand for and supply of foreign exchange
arising from trade and capital transactions. The RBI's Financial Markets Department (FMD)
participates in the foreign exchange market by undertaking sales/purchases of foreign currency to
ease volatility in periods of excess demand for/supply of foreign currency.
Issue of currency
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Other than the Government of India, the Reserve Bank of India is the sole body authorised to issue
banknotes in India.
The bank also destroys banknotes when they are not fit for circulation. All the money issued by the
central bank is its monetary liability, i.e., the central bank is obliged to back the currency with
assets of equal value, to enhance public confidence in paper currency. The objectives are to issue
banknotes and give the public adequate supply of the same, to maintain the currency and credit
system of the country to utilise it in its best advantage, and to maintain the reserves.
The RBI maintains the economic structure of the country so that it can achieve the objective of
price stability as well as economic development because both objectives are diverse in themselves.
The Security Printing and Minting Corporation of India Limited (SPMCIL), a wholly owned
company of the Government of India, has printing presses at Nashik, Maharashtra and Dewas,
Madhya Pradesh.
The Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), owned by the RBI, has
printing facilities in Mysore, Karnataka and Salboni, West Bengal.
For the minting of coins, SPMCIL has four mints at Mumbai, Noida, Kolkata and Hyderabad for
coin production.[17]
Whilst coins are minted by, and ₹1 notes are issued by the Government of India (GoI), the RBI
works as an agent of GoI for the distribution and handling of coins. RBI also works to prevent
counterfeiting of currency by regularly upgrading security features of currency.
The RBI is authorised to issue notes with face values of up to ₹10,000 and coins up to ₹1,000
rupees.
New ₹500 and ₹2,000 notes were been issued on 8 November 2016. The old series of ₹1,000 and
₹500 notes were demonetized from midnight on 8 November 2016.
Banker's bank
Reserve Bank of India also works as a central bank where
commercial banks are account holders and can deposit money.
RBI maintains banking accounts of all scheduled banks.[62]
Commercial banks create credit. It is the duty of the RBI to
control the credit through the CRR, bank rate and open market
operations. As banker's bank, the RBI facilitates the clearing of
cheques between the commercial banks and helps the inter-
bank transfer of funds. It can grant financial accommodation
to schedule banks. It acts as the lender of the last resort by Nagpur branch holds most of India's
providing emergency advances to the banks. gold deposits.[58][59][60][61]
meetings to supervise new bank licences, setting capital requirements and regulating interest rates
in specific areas. RBI is currently focused on implementing norms.
On 22 January 2014; RBI gave a press release stating that after 31 March 2014, it will completely
withdraw from circulation of all banknotes issued prior to 2005. From 1 April 2014, the public will
be required to approach banks for exchanging these notes. Banks will provide exchange facility for
these notes until further communication. The reserve bank has also clarified that the notes issued
before 2005 will continue to be legal tender. This would mean that banks are required to exchange
the notes for their customers as well as for non-customers. From 1 July 2014, however, to exchange
more than 15 pieces of `500 and `1000 notes, non-customers will have to furnish proof of identity
and residence as well as show aadhar to the bank branch in which he/she wants to exchange the
notes.
This move from the reserve bank is expected to unearth black money held in cash. As the new
currency notes have added increased security features, they would help in curbing the menace of
fake currency.[64]
Developmental role
The central bank has to perform a wide range of promotional functions to support national
objectives and industries.[23] The RBI faces a lot of inter-sectoral and local inflation-related
problems. Some of these problems are results of the dominant part of the public sector.[65]
Key tools in this effort include Priority Sector Lending such as agriculture, micro and small
enterprises (MSE), housing and education. RBI work towards strengthening and supporting small
local banks and encourage banks to open branches in rural areas to include large section of society
in banking net.
Related functions
The RBI is also a banker to the government and performs merchant banking function for the
central and the state governments. It also acts as their banker. The National Housing Bank (NHB)
was established in 1988 to promote private real estate acquisition.[66] The institution maintains
banking accounts of all scheduled banks, too. RBI on 7 August 2012 said that Indian banking
system is resilient enough to face the stress caused by the drought-like situation because of poor
monsoon this year.[67]
2016 demonetisation
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Under the revised guidelines issued on 17 November 2016, families were allowed to withdraw
₹250,000 (US$3,500) for wedding expenses from one account provided it was KYC compliant.
The rules were also changed for farmers who are permitted to withdraw ₹25,000 (US$350) per
week from their accounts against crop loan.[73][79]
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Repo rate
Repo (repurchase) rate also known as the benchmark interest
rate is the rate at which the RBI lends money to the
People queue outside a private
commercial banks for a short-term (a maximum of 90 days). bank to deposit and exchange old
When the repo rate increases, borrowing from RBI becomes ₹500 and ₹1,000 banknotes in
more expensive. If RBI wants to make it more expensive for Kolkata on 10 November 2016.
the banks to borrow money, it increases the repo rate similarly,
if it wants to make it cheaper
Rates as of third bi-monthly monetary policy meet of FY1920 (6 February
for banks to borrow money it
2020)[95]
reduces the repo rate. If the
repo rate is increased, banks Policy rates
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requirement which is 5%–10% of loan amount) and agree to repurchase them at ₹106.5 crore
(US$15 million) at the end of borrowing period. So the bank has paid ₹6.5 crore (US$910,000) as
interest. This is the reason it is called repo rate.
The government securities which are provided by banks as collateral can not come from SLR quota
(otherwise the SLR will go below 19.5% of NDTL and attract penalties).
To curb inflation, the RBI increases repo rate which will make borrowing costs for banks. Banks
will pass this increased cost to their customers which make borrowing costly in the whole economy.
Fewer people will apply for loans and aggregate demand will be reduced. This will result in
inflation coming down. The RBI does the opposite to fight deflation. When the RBI reduces the
repo rate, banks are not legally required to reduce their own base rate.
Repo rate signifies the rate at which liquidity is injected into the banking system by RBI, whereas
reverse repo rate signifies the rate at which the central bank absorbs liquidity from the banks.
Currently, reverse repo rate is pegged to be 0.25% (or 25 bit/s) below the repo rate.
In well-developed economies, central banks use open market operations—buying and selling of
eligible securities by the central bank in the money market—to influence the volume of cash
reserves with commercial banks and thus influence the volume of loans and advances they can
make to the commercial and industrial sectors. In the open money market, government securities
are traded at market-related rates of interest. The RBI is resorting increasing to open market
operations in recent years. Generally, the RBI uses
1. Part of the interest rate structure, i.e., on small savings and provident funds, are
administratively set.
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2. Banks are mandatory required to keep 19.50% of their NDTL (net demand and time liabilities)
in the form of liquid assets.
3. Banks are required to lend to the priority sectors to the extent of 40% of their advances.
The share of net demand and time liabilities that banks must maintain in safe and liquid assets,
such as government securities, cash, and gold. Here it would be pertinent to mention the gold swap
of July 2014.[98][99][100] The present SLR is 18.75%.
Bank rate
Bank rate is defined in Section 49 of the RBI Act of 1934 as the ‘standard rate at which RBI is
prepared to buy or rediscount bills of exchange or other commercial papers eligible for purchase'.
When banks want to borrow long term funds from the RBI, it is the interest rate which the RBI
charges to them. It is currently set to 5.40%.[95] The bank rate is not used to control money supply,
but penal rates continue to be linked to the bank rate. If a bank fails to meet SLR or CRR
requirements then the RBI will impose a penalty of 300 basis points above bank rate.
RBI accepts applications for a minimum amount of ₹5 crore (US$700,000) and in multiples of
₹5 crore thereafter.
Let's assume the economy is showing inflationary trends and the RBI wants to control this
situation by adjusting SLR and CRR. If the RBI increases SLR to 50% and CRR to 20% then bank
will be left only with ₹60 crore (US$8.4 million) for operations. Now it will be very difficult for the
bank to maintain profitability with such a small amount of capital. The bank will be left with no
choice but to raise its interest rate which will make borrowing by its customers more costly. This
will in turn reduce the overall demand and hence prices will eventually come down.
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The important difference from repo rate is that bank can pledge government securities from its
SLR quota (up to one percent). So even if SLR goes below 20.5%[102] by pledging SLR quota
securities under MSF, the bank will not have to pay any penalty. The MSF rate is set to 100 basis
points above bank rate and currently is at 5.65% as of 7 August 2019.[95]
Qualitative tools
Margin requirements
Loan-to-value (LTV) is the ratio of loan amount to the actual value of asset purchased.
The RBI regulates this ratio so as to control the amount a bank can lend to its customers. For
example, an individual wants to buy a car using borrowed money and the car's value is ₹10 lakh
(US$14,000). If the LTV is set to 70% he can borrow a maximum of ₹7 lakh (US$9,800).
This prevents the speculation/hoarding of commodities using money borrowed from banks.
Moral suasion
Under this measure, the RBI try to persuade banks through meetings, conferences, media
statements to do specific things under certain economic trends. For example, when the RBI
reduces repo rate, it asks banks to reduce their base rate as well. Another example of this measure
is to ask banks to reduce their non-performing assets.
1. People do not employ alternative investment options. A large section of society still depends on
saving accounts, fixed deposits, Public Provident Fund for investment. Commercial banks have
large deposits. RBI is not the main or even prominent money supplier for these banks. So
whatever monetary action central bank takes has little or late impact on the economy.
2. Many people in rural areas are out of the banking net and whatever the RBI does, has no
impact on their financial activities.
3. Monsoon uncertainty adversely affects food production and thereby cause food inflation.
Monetary policy has no impact on food inflation.
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Publications
A report titled "Trend and Progress of Banking In India" is published annually, as required by the
Banking Regulation Act, 1949. The report sums up trends and developments throughout the
financial sector.[105] Starting in April 2014, the Reserve Bank of India publishes bi-monthly policy
updates.[106]
References
1. "Shaktikanta Das is new Guv of RBI" (http://www.uniindia.com/~/shaktikanta-das-is-new-guv-of
-rbi/Business%20Economy/news/1434353.html). United News of India. 11 December 2018.
Retrieved 11 December 2018.
2. Reporter, B. S. (4 September 2015). "Forex reserves fall by $3.43 bn to $351.92 bn" (http://ww
w.business-standard.com/article/finance/forex-reserves-fall-by-3-43-bn-to-351-92-bn-11509040
0865_1.html). Business Standard India.
3. Reserve Bank of India (http://www.rbi.org.com/scripts/WSSViewDetail.aspx?TYPE=Section&P
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4. Reserve Bank of India – India's Central Bank (http://www.rbi.org.in/home.aspx). Rbi.org.in.
5. "Reserve Bank of India – India's Central Bank" (http://www.rbi.org.in/home.aspx). rbi.org.in.
6. "All you wanted to know about Monetary Policy Committee" (https://www.thehindubusinessline.
com/opinion/columns/slate/all-you-wanted-to-know-about-monetary-policy-committee/article88
07786.ece). @businessline. Retrieved 13 July 2019.
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ps://www.thehindubusinessline.com/opinion/columns/slate/all-you-wanted-to-know-about-mone
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8. "Reserve Bank of India Act, 1934" (http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/RBIA19341
70510.pdf) (PDF). p. 115. Retrieved 6 August 2012.
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bi.org.in/rdocs/Publications/PDFs/RBIAM_230609.pdf) (PDF). Reserve Bank of India (RBI).
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10. "RBI History – Reserve Bank of India Nationalisation Newspaper Clipping" (https://rbi.org.in/hist
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Economy". doi:10.2139/ssrn.2640638 (https://doi.org/10.2139%2Fssrn.2640638).
SSRN 2640638 (https://ssrn.com/abstract=2640638).
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Challenges for the Art of Monetary Policymaking in Emerging Economies" (http://www.levyinstit
ute.org/pubs/wp_820.pdf) (PDF). Levy Economics Institute Working Paper Collection.
SSRN 2532526 (https://ssrn.com/abstract=2532526).
13. The Reserve Bank of India Act, 1934 (http://www.rbi.org.in/scripts/OccasionalPublications.asp
x?head=Reserve%20Bank%20of%20India%20Act). rbi.org.in
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Further reading
S. L. N. Simha. History of the Reserve Bank of India, Volume 1: 1935–1951. RBI. 1970.
ISBN 81-7596-247-X. (2005 reprint PDF (http://rbidocs.rbi.org.in/rdocs/content/PDFs/89630.pd
f))
Reserve Bank of India: Functions and Working. RBI. 2005.(2005 reprint PDF (https://rbidocs.rb
i.org.in/rdocs/Content/PDFs/FUNCWWE080910.pdf))
G. Balachandran. The Reserve Bank of India, 1951–1967. Oxford University Press. 1998.
ISBN 0-19-564468-9. (PDF (http://rbidocs.rbi.org.in/rdocs/content/PDFs/90010.pdf))
A. Vasudevan et al. The Reserve Bank of India, Volume 3: 1967–1981. RBI. 2005. ISBN 81-
7596-299-2. (PDF (http://rbidocs.rbi.org.in/rdocs/content/PDFs/90060.pdf))
Cecil Kisch: Review "The Monetary Policy of the Reserve Bank of India" by K. N. Raj. In: The
Economic Journal. Vol. 59, No. 235 (Sep. 1949), pp. 436–438.
Findlay G. Shirras: The Reserve Bank of India. In The Economic Journal. Vol. 44, No. 174
(Jun. 1934), pp. 258–274.
External links
Official website (http://www.rbi.org.in/)
FAQ answers and Guidelines on Reserve Bank of India (https://rbi.org.in/Scripts/FAQView.asp
x?Id=119)
What the FAQ just happened! All your questions about Rs 500–1000 notes answered (http://ind
iatoday.intoday.in/story/rupees-500-1000-currency-note-faq-narendra-modi/1/805954.html),
India Today, 8 November 2016
Ministry of Finance, Government of India (http://www.finmin.nic.in/)
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