88 Years to RBI, Observed Foundation Day on April 1
RESERVE BANK OF INDIA
New Delhi: 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.
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On that note the governor of reserve bank of india, Shri Shaktikant Das said,
"Congratulations Team RBI for 88 years of dedicated service to the nation. It’s an humbling moment. A day to rededicate ourselves to the responsibilities of this national institution."
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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.
The primary objectives of RBI are to ensure the stability of the Indian rupee, regulate the supply of money and credit in the economy, and promote the growth of the Indian economy in a sustainable and inclusive manner. It also plays a crucial role in maintaining financial stability in the country.
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.
In addition to its core responsibilities, RBI also performs a variety of other functions, such as issuing currency notes and coins, managing foreign exchange reserves, regulating the banking sector, and promoting financial inclusion in the country.
Overall, RBI is an essential institution for the Indian economy, playing a critical role in maintaining stability and promoting growth.
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