After democratization in India, we all came to know about RBI’s role in it. It’s the central bank of India which does several financial activities for Indian Government. Listen to the podcast to know what actually RBI does.
Topic in Short
RBI stands for Reserve Bank of India. Here are some major responsibilities of RBI.
o Regulating money supply
o Issuing Indian currency note
o Bank License issuer and regulation of banking norms
o Govt. cash reserve and foreign currency reserve
o Interbank transaction settlement
and many more.
So in simple words we can say RBI is the back bone of Indian financial System. Then the question comes What’s the relation between RBI and Government? If someone says “Government is the owner of RBI”, it will not be incorrect. Indian government owns all shares of RBI, since 1949. It also appoints governors and deputy governors.
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