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The Reserve Bank of India (RBI) was established on April 1 1935 and is the country’s central bank that is responsible for creating financial stability and regulating the country’s currency and credit systems. RBI was established under the Reserve Bank of India Act. It is responsible for regulating the Indian banking system and also managing the country’s main payment systems. Under a specialized division of the RBI- Bharatiya Reserve Bank Note Mudran- it also mints Indian banknotes and coins. Under the Foreign Exchange Management Act 1999, the RBI also manages all the foreign exchange. It facilitates external trade and payments to promote the development of the foreign exchange market in India. Until the Monetary Policy Committee was established in 2016, it also had full control over monetary policy in the country. A 23 member central board of directors are heading the RBI. This includes the governor, four deputy governors, two finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary), ten government nominated directors and four directors who represent local boards of Mumbai, Kolkata, Chennai and Delhi. Each of these local boards consists of five members who represent regional interests and the interests of co-operative and indigenous banks. More

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  • Moneycontrol Selects: Top stories this evening June 05, 2023 06:37 PM IST

    Moneycontrol Selects: Top stories this evening

    Our specially curated package of the most interesting articles to help you stay at the top of your game.

  • Ahead of MPC meet, IIM survey shows firms' inflation expectations edged down to 4.31% in April June 05, 2023 05:49 PM IST

    Ahead of MPC meet, IIM survey shows firms' inflation expectations edged down to 4.31% in April

    Inflation expectations are keenly eyed by policymakers as anchoring them is critical to ensuring price stability

  • RBI deputy governor calls for global coordination to counter cyber-attacks June 05, 2023 07:25 PM IST

    RBI deputy governor calls for global coordination to counter cyber-attacks

    The global financial system’s interdependencies need to be better understood by mapping key operational and technological interconnections, including that of critical infrastructure, Jain said.

  • RBI committee proposes new rules to improve customer service standards June 05, 2023 04:32 PM IST

    RBI committee proposes new rules to improve customer service standards

    The RBI has invited comments from stakeholers by July 7 through email. The comments will be examined before taking a final view on the recommendations made by the Committee, the RBI said.

  • NBFCs make a comeback on robust loan demand as headwinds fade June 05, 2023 12:18 PM IST

    NBFCs make a comeback on robust loan demand as headwinds fade

    Loan growth was driven by auto NBFCs and affordable housing finance companies. NBFC stocks may be poised for a rebound.

  • How a 10-year bond crashed and burnt out in just 8 months June 05, 2023 11:30 AM IST

    How a 10-year bond crashed and burnt out in just 8 months

    The government's wholesale inflation-indexed bonds were issued in 2013. But they were as good as dead in less than a year after seismic changes in Indian policy.

  • Time right to address governance gaps in banking, says RBI deputy governor Rao June 05, 2023 11:42 AM IST

    Time right to address governance gaps in banking, says RBI deputy governor Rao

    Earlier, RBI Governor Shaktikanta Das too had said that the central bank had found some gaps in banks’ corporate governance despite issuing guidelines on the matter.

  • Rupee’s key support level in focus as RBI review approaches June 05, 2023 08:05 AM IST

    Rupee’s key support level in focus as RBI review approaches

    The rupee is poised to test the 83-per dollar mark in the near term if the central bank remains on hold this week and changes its stance to neutral, effectively signaling an end to its hiking cycle.

  • RBI likely to maintain pause on interest rate as inflation moves southwards: Experts June 04, 2023 02:05 PM IST

    RBI likely to maintain pause on interest rate as inflation moves southwards: Experts

    Headed by Reserve Bank Governor Shaktikanta Das, a meeting of the six-member Monetary Policy Committee (MPC) is scheduled for June 6-8. The decision of the 43rd meeting of the MPC would be announced on Thursday, June 8.

  • RBI proposes norms on cyber resilience, digital payment security controls for PSOs June 02, 2023 08:42 PM IST

    RBI proposes norms on cyber resilience, digital payment security controls for PSOs

    The draft directions cover governance mechanisms for the identification, assessment, monitoring and management of cybersecurity risks, including information security risks and vulnerabilities.

  • Moneycontrol Selects: Top stories this evening June 02, 2023 06:35 PM IST

    Moneycontrol Selects: Top stories this evening

    Our specially curated package of the big stories to help you stay at the top of your game.

  • RBI may hit pause again next week, drawing comfort from inflation, growth numbers: Economists June 02, 2023 04:27 PM IST

    RBI may hit pause again next week, drawing comfort from inflation, growth numbers: Economists

    The Monetary Policy Committee kept the repo rate unchanged at 6.5 percent in April, after raising it by 250 basis points since May 2022

  • India's impressive GDP data has some puzzling elements June 02, 2023 02:38 PM IST

    India's impressive GDP data has some puzzling elements

    The blockbuster headline January-March and full year GDP numbers have left the government rather chuffed. But some aspects of the data need further explanation

  • Govt interviews candidates for RBI deputy governor position June 01, 2023 09:25 PM IST

    Govt interviews candidates for RBI deputy governor position

    A panel consisting of RBI Governor Shaktikanta Das, cabinet secretary, financial services secretary and the chief economic advisor interviewed the candidates.

  • RBI should change its stance to neutral: CII President R Dinesh June 01, 2023 06:02 PM IST

    RBI should change its stance to neutral: CII President R Dinesh

    Given the fast moderation in inflation, the RBI should continue with a pause in the repo rate and also change its stance to neutral, the CII President explained

  • SC refuses urgent listing of plea challenging RBI decision on Rs 2,000 banknote exchange June 01, 2023 12:02 PM IST

    SC refuses urgent listing of plea challenging RBI decision on Rs 2,000 banknote exchange

    A vacation bench of justices Sudhanshu Dhulia and K V Vishwanathan took note of the submissions for urgent hearing of lawyer Ashwini Updhyay, and said it will not be taking up such pleas during the summer vacation.

  • RBI launches ‘100 Days 100 Pays’ campaign to return unclaimed deposits June 01, 2023 01:19 PM IST

    RBI launches ‘100 Days 100 Pays’ campaign to return unclaimed deposits

    The RBI's ‘100 Days 100 Pays’ campaign will complement its ongoing efforts to cut the quantum of unclaimed deposits in the banking system

  • As many as three economists predict correct GDP numbers June 01, 2023 11:10 AM IST

    As many as three economists predict correct GDP numbers

    Nirmal Bang's Teresa John, Axis Bank's Saugata Bhattacharya, and Abhishek Gupta of Bloomberg Economics have correctly predicted the fiscal 2023 gross domestic product numbers at 7.2%.

  • Recovery may cool off but GDP surprise will help RBI pause June 01, 2023 11:02 AM IST

    Recovery may cool off but GDP surprise will help RBI pause

    While the RBI insists that the pause in hiking rates in April was not a pivot, rate cuts could be on the anvil as muted domestic and global demand could lead to loss of growth momentum.

  • Bank credit to industry decelerates in April to 7%: RBI May 31, 2023 09:07 PM IST

    Bank credit to industry decelerates in April to 7%: RBI

    Loan to agriculture and allied activities improved to 16.7 per cent (y-o-y) in April 2023 from 10.6 per cent a year ago.

  • India GDP numbers beat expectations, January-March growth at 6.1% May 31, 2023 10:13 PM IST

    India GDP numbers beat expectations, January-March growth at 6.1%

    For 2022-23, the statistics ministry has estimated a GDP growth of 7.2 percent.

  • MC Explains | Why the RBI is warning banks against evergreening loans May 31, 2023 04:41 PM IST

    MC Explains | Why the RBI is warning banks against evergreening loans

    Evergreening of loans happens when a bank tries to save a loan from defaulting so that it does not appear as a non-performing asset in its books. This is done by giving a fresh loan to a borrower to pay up an old loan.

  • 8 money changes to watch out for in June June 02, 2023 03:48 PM IST

    8 money changes to watch out for in June

    From a revised locker agreement and new rules for mutual fund investments in minors' names to SEBI inviting comments on total expense ratio and applying for higher pension on actual salary, here’s what to watch out for.

  • Customers queue up at PSBs as private banks refuse, put limits on Rs 2,000 notes exchange May 31, 2023 12:22 PM IST

    Customers queue up at PSBs as private banks refuse, put limits on Rs 2,000 notes exchange

    Long lines could be spotted at branches of SBI in Delhi. Store owners too have begun to refuse accepting the currency citing a lack of change of smaller currency.

  • Growth worries loom over June MPC meeting May 31, 2023 08:18 AM IST

    Growth worries loom over June MPC meeting

    The continued poor performance of manufacturing on which government relies to generate jobs and absorb surplus labour from agriculture is a cause for concern on the growth front.