## Background: ^c00c02 1. The Reserve Bank was set up in 1935 on the recommendations of the Royal Commission on Indian Currency and Finance (1926), also known as the Hilton-Young Commission, with the [objective](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1430#F14:~:text=To%20give%20a%20brief%20background) of: 1. regulating the issue of bank notes, 2. securing monetary stability and 3. operating the country’s currency and credit system. 2. The statutory basis for its functioning was provided by the [Reserve Bank of India Act, 1934](https://www.indiacode.nic.in/handle/123456789/2398?view_type=search) 3. The nationalisation of the Reserve Bank, which had started as a joint stock company took place in 1949. 4. RBI's [website](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1997-2008)_Volume%20V.pdf#page=638&selection=84,0,84,7) was made operational on 17 Sep 1996. 5. This [page](https://www.rbi.org.in/Scripts/AboutusDisplay.aspx) has more details. ## History 1. [Link](History%20of%20The%20Reserve%20Bank%20of%20India.md) ## The RBI History Project 1. The [History](https://rbi.org.in/history/RBI_History.html) Cell of the [Department](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx#DEPR:~:text=Top-,Department%20of%20Economic%20and%20Policy%20Research,-A%20knowledge%20centre) of Economic Policy and Research was entrusted with the Project of writing the institutional history the Reserve Bank of India. 1. The Reserve Bank of India - [Volume 1](https://www.rbi.org.in/scripts/RHvol-1.aspx) - 1935–1951 | [pdf](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1935-51)_Volume%20I.pdf) 2. The Reserve Bank of India - [Volume 2](https://www.rbi.org.in/scripts/RHvol-2.aspx) - 1951–1967 | [pdf](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1951-67)_Volume%20II.pdf) 3. [March 3, 2006](RBI_Press%20Release_20060318_History%20of%20The%20Reserve%20Bank%20of%20India.pdf) - The Reserve Bank of India - [Volume 3](https://www.rbi.org.in/scripts/RHvol-3.aspx) - 1967–1981 | [pdf](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1967-81)_Volume%20III.pdf) 4. [Aug 17, 2013](RBI_Speeches_20130817_Welcome%20remarks%20by%20Dr.%20Duvvuri%20Subbarao,%20Governor,%20Reserve%20Bank%20of%20India%20at%20the%20release%20of%20Reserve%20Bank%20of%20India’s%20History%20Volume%20IV%20by%20Prime%20Minister%20Dr.%20Manmohan%20Singh%20in%20New%20Delhi%20on%20August%2017,%202013.pdf) - The Reserve Bank of India - [Volume 4](https://www.rbi.org.in/scripts/RHvol-4.aspx) - 1981-1997 | [pdf](RBI_History%20of%20The%20Reserve%20Bank%20of%20India%20(1981-97)_Volume%20IV.pdf) 5. [Dec 19, 2022](RBI_Press%20Release_20221219_RBI%20Releases%20Fifth%20Volume%20of%20Reserve%20Bank%20History%20(1997-2008).pdf) - The Reserve Bank of India - [Volume 5](https://www.rbi.org.in/scripts/RHvol-5.aspx) - 1997-2008 | [[RBI_History of The Reserve Bank of India (1997-2008)_Volume V.pdf|pdf]] 2. Jul 17, 2023 - [Article](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=21930) titled "Perspectives on the History of the Reserve Bank of India" by Dr. Ashutosh Raravikar published in RBI's Bulletin of July 2023. ## Monetary Museum 1. November 18, 2004 - The Reserve Bank’s [Monetary Museum](https://rbi.org.in/Scripts/ic_museum.aspx) was inaugurated by the President of India, and opened to the public on January 1, 2005 ## Evolution of Central Banking in India 1. RBI (Mar 18, 2006). ==Report on Currency and Finance Theme: The Evolution of Central Banking in India (2004-05)==. [Link](https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/69291.pdf) 1. The report attempts to analyse and present the Reserve Bank’s evolution over the last seventy years in the backdrop of development of central banking worldwide. ## Mandate of the RBI 1. The Preamble in the original enactment of the Reserve Bank of India Act, 1934 described the broad mandate of the RBI as follows: “it is expedient to constitute a Reserve Bank for India 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”. 2. **Current Preamble:** “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.” ## Bank’s Mission, Core Purpose, Values and Vision Statements 1. [July 23, 2019](RBI_Press%20Release_20190723_Launch%20of%20Utkarsh%202022%20–%20Reserve%20Bank%20of%20India’s%20Medium-term%20Strategy%20Framework.pdf) - The Bank’s Mission, Core Purpose, Values and Vision Statements are contained in ‘[Utkarsh 2022](https://rbidocs.rbi.org.in/rdocs/content/pdfs/Utkarsh23072019.pdf)’, the Reserve Bank of India’s Medium-term Strategy Framework, in line with the evolving macroeconomic environment, to achieve excellence in the performance of RBI’s mandates and strengthening the trust of citizens and other institutions. 2. [The Strategic Framework of the Reserve Bank, 2021](RBI_Annual%20Report_2021.pdf#page=261&selection=6,0,6,43) 3. [Dec 30, 2022](RBI_Press%20Release_20221230_Launch%20of%20Utkarsh%202.0%20–%20Reserve%20Bank%20of%20India’s%20Medium-term%20Strategy%20Framework.pdf) - Utkarsh 2.0 covers the time from 2023 to 2025 ## Governors **Related Notes** 1. [[Governors]] 2. [[Y. V. Reddy]] 3. [[Chakravarthi Rangarajan]] 4. [[Raghuram G. Rajan]] 5. [[Duvvuri Subbarao (2008 to 2013)]] ## Organisation 1. There are not many central banks in the world which have a mandate as broad based as that of RBI. RBI is a full-service central bank with a mandate spreading across functional areas such as monetary policy, currency management, regulation & supervision, payment system, financial inclusion, management of forex reserves, etc. [^1] 2. RBI's Functions and Working 1. [RBI's Functions and Working - 2020](https://rbi.org.in/scripts/PublicationsView.aspx?Id=18086) 2. [RBI's Functions and Working - 2017](RBI_RBSCC_201711_RBI's%20Functions%20and%20Working_2017.pdf) 3. [RBI's Functions and Working - 2010](RBI_RBI's%20Functions%20and%20Working_2010.pdf) 3. [RBI's Organisation and Main Functions](https://www.rbi.org.in/commonman/english/Scripts/Organisation.aspx) 1. [Departments](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx) 2. [Hierarchy Structure](https://www.rbi.org.in/commonperson/English/Scripts/OrgStructure.aspx) 1. [Portfolios of Deputy Governors](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx#:~:text=rbi.org.in-,Deputy%20Governors,-Portfolios) 2. [Executive Directors](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx#:~:text=%2D%2D%2D%2D-,Executive%20Directors,-Departments) 3. [Chief General Managers](https://www.rbi.org.in/commonman/english/Scripts/Departments.aspx#:~:text=Name%20and%20Designation) 3. It has 4 officers, and the central Office is based out of Mumbai. 4. [Branches](https://rbi.org.in/Scripts/HistoryDisplay.aspx?pg=Offices.html) 4. Composition of RBI's central board: 1. Central Board - The Reserve Bank''s affairs are governed by a central board of directors. Under Section 8 of the RBI Act, 1934, they are appointed by the Government of India. 1. Official Directors - They are full-time members of the board. 1. Governor and not more than four Deputy Governors (*there is no tenure specified in the RBI Act, 1934 but, in practice, most Governors are appointed for up to 5 years, and Deputy Governors are often appointed for 3 years, and both the appointments are also often extended)*. 2. Non-Official Directors 1. Nominated by Government (period of four years) - 10 Directors from various fields and two government officials 2. Others: four Directors - one each from four local boards. 2. Local Boards 1. Constituted for Western Area, Eastern Area, Northern Area and Southern Area. 2. Consist of five members each. 3. Members appointed by the Central Government. 4. Member shall hold office for a term of four years 5. Staff Strength - The total staff strength of the Reserve Bank as on December 31, 2024 was 13,520. ## Departments 1. It is also there in the annual reports under the title "Principal Officers". 2. New Departments - [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1430#F14:~:text=(vii)%20strengthening%20the,FinTech%20Department%20(2022).) 1. Department of Payment and Settlement Systems (2005); 2. The Financial Stability Unit (2009), now called the Financial Stability Department, is part of this [FSDC](https://dea.gov.in/sites/default/files/StrucFSDC.pdf) forum. 3. The Financial Markets Regulation Department (2014); 4. The Financial Market Operations Department (2014); and 5. FinTech Department (2022). 3. [2014-15](RBI_Annual%20Report_2015.pdf#page=148&selection=69,0,70,48) - the organisational restructuring of the Reserve Bank was effected from November 3, 2014. 4. [Nov 1, 2019](RBI_Press%20Release_20191101_Reserve%20Bank%20of%20India%20Reorganises%20its%20Regulation%20and%20Supervision%20Departments.pdf) - all supervisory departments were merged into department of supervision, and same happened for department of regulation. ## Regulations 1. A note on [[Department of Regulation (DoR)|Department of Regulation (DoR)]] ## Supervision 1. A note on [Department of Supervision](Department%20of%20Supervision.md) ## Monetary Policy Committee 1. [[Monetary Policy Decisions in the RBI - The Structure]] ## Banker to the Government 1. RBI. FAQs - [RBI as Banker to Government](https://www.rbi.org.in/commonman/English/scripts/FAQs.aspx?Id=27) 2. [Glossary](https://rbi.org.in/Scripts/FS_Glossary.aspx?fn=2758) of common terms used in Government Banking Transactions ## Bank for International Settlements (BIS) 1. [Page](https://www.bis.org/mc/currency_areas/in.htm) on India on [BIS'](https://www.bis.org/about/index.htm?m=2) website ## FAQs 1. [FAQs](https://rbi.org.in/scripts/FAQDisplay.aspx) ## Schemes 1. [Schemes by the RBI](Schemes%20by%20the%20RBI.md) ## Books 1. [Books](Books.md) ## Chronology of Events 1. [[Chronology of Events OPEN]] ## RBI's Communication Policy 1. Communication Policy of RBI - [Link](https://rbi.org.in/commonman/English/scripts/commpol.aspx) 2. Section "Communication, International Relations, Research and Statistics" in the Annual Report > [Box X.1 - Podcasts by Central Banks - A Distinct Digital Communication Tool](RBI_Annual%20Report_2025.pdf#page=209&selection=224,0,224,65) in RBI's Annual Report 2025 ## Data Releases (Publications) & Research 1. [[Publications (Data Releases) & Research]] 2. [[Books]] 3. [[Resources|Other Resources]] ## Data Warehouse 1. [RBI's Annual Report of 2008](RBI_Annual%20Report_2008.pdf#page=338&selection=117,0,118,48) - Database on Indian Economy (DBIE): RBI’s Data Warehouse – Release of Common Site for both Intranet and Internet Users ## Training 1. RBSC - Reserve Bank Staff College, Chennai 2. BTC - Bankers’ Training College, Mumbai 3. CAB - College of Agricultural Banking, Pune 4. College of Supervisors (CoS) - It is administratively attached to Department of Supervision (DoS), Central Office 5. ECCTI - Enterprise Computing and Cybersecurity Training Institute, Bhubaneswar 6. ~~[RBI Academy](RBI_Annual%20Report_2017.pdf#page=171&selection=155,0,155,15)~~ *(started on Sept 26, 2016 and was closed from April , 2025)* 1. [Box X.2-The RBI Academy](RBI_Annual%20Report_2017.pdf#page=171&selection=154,0,155,15) in RBI's Annual Report 2017 7. ZTCs - 4 Zonal training centres at Mumbai, Kolkata, Chennai, New Delhi 8. Autonomous - set up wholly by RBI or with others, and so *not all are fully funded by RBI* 1. CAFRAL - Centre for Advanced Financial Research and Learning (CAFRAL), Mumbai 2. IGIDR - Indira Gandhi Institute of Development Research, Mumbai 3. IIBM - Indian Institute of Bank Management (IIBM), Guwahati 4. NIBM - National Institute of Bank Management (NIBM), Pune 5. IDRBT - Institute for Development and Research in Banking Technology (IDRBT) 1. In 1996, the Bank set up the Institute for Development and Research in Banking Technology (IDRBT) in Hyderabad 6. IIBF - Indian Institute of Banking and Finance (IIBF), 7. IIBM - Indian Institute of Bank Management (IIBM), 8. IBPS - Institute for Banking Personnel Selection (IBPS) 9. Others 1. [RBI's Financial Education Initiative](https://www.rbi.org.in/FinancialEducation/Home.aspx) ## Regulations 1. List of [entities/Infrastructures](Department%20of%20Regulation%20(DoR).md#Regulations%20of%20entities/Infrastructures) regulated by the RBI ## Accounting Year 1. On 11 Mar 1940, RBI's financial accounting year changed from Jan-Dec to July-June. 2. 2019-20 ended on June 30, 2020. The accounting year 2020-21 began on July 1, 2020 but ended on March 31, 2021 3. Thereafter, a year began from April 01 every year to March 31, next year. ## References 1. [About Us on RBI's Website](https://www.rbi.org.in/Scripts/AboutusDisplay.aspx) ### [[Speeches & Media Interactions|Speeches]] 1. Rakesh Mohan. May 17, 2006. ==Evolution of Central Banking in India==. (by Dr. Rakesh Mohan, Deputy Governor at the seminar organized by the London School of Economics and the National Institute of Bank Management at Mumbai on January 24, 2006). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=285) 2. RBI. (Nov 27, 2024). ==RBI: Navigating 90 Years of Legacy, Regulation, and Aspiration==. (Opening remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - November 22, 2024 - at the “High-Level Policy Conference of Central Banks in the Global South” organised by the Reserve Bank of India as a part of commemoration of its 90th year at Mumbai, India). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1485) [^1]: RBI. (Nov 27, 2024). *RBI: Navigating 90 Years of Legacy, Regulation, and Aspiration* \[Speech\]. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1485)