RBI Full Form
RBI Full Form is Reserve Bank of India. The Reserve Bank of India was established in 1935 in accordance with the Reserve Bank of India Act of 1934. It is responsible for ensuring the availability of capital to the economy via monetary policies and the credit system, as well as fostering national stability and security. Since its nationalization in 1949, the Reserve Bank of India (RBI) has been wholly owned by the Government of India.
Preamble
The Preamble of the Reserve Bank of India outlines the central functions of the Reserve Bank as follows: “to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping growth in mind.”
The goals of the RBI
The objectives of the RBI are as follows:
- Supervising and managing diverse financial sector projects involving commercial banks, financial institutions, and non-banking financial institutions. Management of the nation’s economic currency crisis.
- Management of the reserve to ensure the economic growth and exchange rate stability of the nation.
- Utilizing the nation’s currency and monetary system to its maximum advantage.
- Since all decisions are made impartially, avoid being influenced by the nation’s elections.
- To aid the anticipated expansion of the nation’s infrastructure.
- Responding to the needs of the economy by modernizing the financial market system.
Structure of RBI
| Level | Designation | Headcount |
| 1 | Central Board of Directors | Multiple (appointed by the Indian Government with a term of 4 years) |
| 2 | Governor | 1 |
| 3 | Deputy Governors | 4 (usually not more than 4) |
| 4 | Executive Directors | Multiple |
| 5 | Principle Chief General Managers | Multiple |
| 6 | Chief General Managers | Multiple |
| 7 | General Managers | Multiple |
| 8 | Deputy General Managers | Multiple |
| 9 | Assistant General Managers | Multiple |
| 10 | Managers | Multiple |
| 11 | Assistant Managers | Multiple |
| 12 | Support Staff | Multiple |
RBI’s Functions
- It is responsible for the execution and formulation of the nation’s monetary policy.
- It manages the payment platform and its transactions.
- It facilitates economic growth through the promotion of national banking and other means.
