Reserve Bank of India (RBI) Foundation day - 1st April

Reserve Bank of India (RBI) Foundation day - 1st April

Daily Current Affairs   /   Reserve Bank of India (RBI) Foundation day - 1st April

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Category : Appointment/Resignation Published on: April 04 2023

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  • India's central bank and regulatory body, Reserve Bank of India served 88 years till now to the nation, as the bank has observed the Foundation Day on April 1, 2023.
  • RBI, or the Reserve Bank of India, is the central banking institution of India. 
  • It was established on April 1, 1935, in accordance with the Reserve Bank of India Act, 1934. 
  • The RBI is responsible for regulating the monetary policy of India and maintaining price stability in the economy. 
  • It also serves as the banker to the Government of India and banks in India.
  • RBI is governed by a central board of directors, which is appointed by the Government of India. 
  • The Governor of RBI is the chief executive of the organization and is responsible for implementing the policies and decisions of the central board.
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