Role of Reserve Bank of India

Reserve Bank of India is an apex bank in India. It is Central Bank of India. Every country has a central bank which control and monitor of financial and banking system of the country. Reserve bank of India also control and monitor of banking and financial system of the India. Reserve bank of India established in 1935. It was nationalized in 1949. Reserve bank of India‘s affairs governed by a central board of directors. There is a full time governor and not more than four deputy governor. Dr Raghuram rajan is the current governor of the Reserve Bank of India since 4 September 2013. Headquarter of central bank in Mumbai (shahid bhagat singh marg, Mumbai, Maharashtra). It has 19 regional offices, most of them in state capital and 9 sub offices. The preamble of the Reserve Bank of India describe the basic functions of the Reserve Bank if India. Reserve bank of India has many objectives: controlling money supply in the system, monitoring different key indicators like GDP and inflation , maintaining people’s confidence in the banking and financial system , providing different tools for customers help , such as acting as the “ Banking Ombudsman “. In recently Reserve Bank of India permits four non bank entities to set up white label ATMs.