RBI Abbreviation

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Popular abbreviations of RBI:

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What does RBI mean?

RBI is the abbreviation for Reserve Bank of India, the central banking authority of India and the primary regulatory body responsible for the banking and financial system of the country. The authority works under the Ministry of Finance, Government of India and the central headquarters of RBI are located in Mumbai, Maharashtra.

RBI is accountable for the printing, supply and issuance of the Indian rupee. It manages all the payment systems in the country and works for economic development. The organization was established 87 years ago on 1st April 1935 and the current governor of RBI is Mr. Shaktikanta Das.

Divisions of the RBI

Handling the banking system of a country like India is not an easy task. For helping RBI in the task, there are several divisions of the RBI which have their responsibilities in the management.

Bhartiya Reserve Bank Note Mudran

It was formed in 1995 for bridging the gap between the demand and supply of Indian notes and coins.

Deposit Insurance & Credit Guarantee Corporation

This body was set up for providing insurance of deposits and credit facilities to all the banks of India.

Reserve Bank Information Technology

The body established by RBI for cybersecurity and information technology needs. This was much needed for RBI for improving the security of the Indian Banking system.

National Payment Corporation of India

Established for the management of settlement and payment systems in India.

Indian Financial Technology and Allied Services

Formed for providing specially designed IT-related services for all the banks and financial institutions.

History of RBI

The bank was established as a result of the Reserve Bank of India Act of 1934. It was nationalized in 1949 under the Ministry of Finance. At the time of formation, the paid-up capital was INR 5 crores and the government’s share was INR 20-22 lakhs. In its early ages, the bank had to fight the effects of the World War.

After independence, RBI was reformed with better economic policies and provisions for providing more loans. It played a huge role in reviving the trust of people in the Indian banking system.

Structure of RBI

RBI is formed of a committee consisting of 21 central directors. Out of these, one is the governor, four deputy governors, two representatives of the Finance ministry, ten members chosen by the government and four directors from the board of Mumbai, Delhi, Kolkata and Chennai.