Reserve Bank of India

The reserve bank of India is the central bank of the country.
It is the apex monetary institution which supervises,regulates,controls and develops the monitory and financial system of the country.
It is not only a regulatory authority but also an agency of economic growth.
It was established under the reserve bank of India act ,1934.
It started functioning from April 1935.
Originally it was a shareholders bank with a capital of Rs.5 crores .
It was nationalized with effect from January 1,1949.
It is managed by central board of directors consists of 20 members ,1 governor,4 deputy governors,1 government official from the ministry of finance,10 directors nominated by the government of India representing various interests and 4 directors nominated each one from the 4 local board.
The directors hold office for a period of 4 years.
It has 4 local boards with headquarters at Mumbai,Kolkatta,Chennai and New Delhi.