1/4/2023 0 Comments Role and functions of rbi![]() ![]() However, the scope of this power is limited to prescribing minimum lending rates and interest rates on savings accounts. ➤ The power to control the interest rates on advances and deposits of the country is vested upon the governors. ➤ The responsibility for issuing licenses to open new foreign and private banks is also headed by the governor of RBI. Thus, plays an important role in formulating the policies of the Reserve Bank of India. ➤ The RBI governors are responsible for maintaining the monetary stability in an economy. Here are some duties which are generally performed by the RBI Governors. ➤ Resignation is submitted by the Governor to the President. The Governor can be terminated in two cases and they are as follows: The tenure of an RBI governor as specified in the constitution is three years however it can be extended for two more years. The Governor of RBI is not appointed by the PMO (Prime Minister Office) on the recommendation of the Union Finance Minister. He must not be a member of the Parliament/State Legislature also he must not hold any other office for profit. Other than the above any citizen who is 35 years or above than that is eligible. ➤ Reputed Financial or Banking organization. but any individual who holds a Graduate degree/ Post Graduate/ Chartered Accountant can become a Governor of RBI provided that he had worked in any of the following institutions: Initially, RBI Governors were a part of Indian Civil services like C D Deshmukh, Bengal Rama Rao etc. ➤ Control over monetary, currency and credit system RBI Governors Eligibility ![]() We can understand them with the help of the following points: The list of RBI Governors from 1935 to 2022 is as mentioned below: RBI Governors Names ➤ Two- Government Officers RBI Governors List from 1935 to 2022 ![]() ![]() Osborne Smith was the first governor of RBI in 1935 and Shaktikanta Das is the current governor of RBI. One of the major responsibilities that RBI holds is to form a monetary policy. Government Of India appoints the head of RBI who is referred to as governor. RBI is headquartered in Mumbai but initially, it was located in Kolkata and shifted to Mumbai in 1937. RBI was established on 1st April 1935 under the RBI Act, 1934 and was formed with the recommendation of “Hilton - Young Commission”. It was initially established as a privately owned bank and got nationalized on 1st January 1949 after the independence of India. It is responsible to govern the monetary policy of the country. The Reserve bank of India (RBI) is the Central Bank of India. ![]()
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