Reserve Bank of India is a central bank of India. R.B.I established on 1/April/1935 with a capital of Rs.5 crore. The R.B.I controls the monetary policy of the Indian rupee. The Central Office of the R.B.I was established in Kolkata, but was moved to Bombay (now Mumbai) in 1937. The inaugural officeholder was the British banker Osborne Smith. Osborne Smith was a first Governor of R.B.I (1/April/1935 to 30/June/1937). C.D.Deshmukh was a first Indian Governor of R.B.I (11/August/1943 to 30/June/1949). The RBI has been headed by 24 governors
General administration and direction of The R.B.I managed by a Central Board of Directors consisting of:
1. One – Governor
2.Four – Deputy Governor
3. Ten – Government official appointed by the union government of India
4 . Four – Directors are nominated by the Union government to represent local boards.
There are four local boards and their head offices are situated in Mumbai, Chennai, Kolkata and New Delhi. Five members of local boards are appointed by the Union government for a period of four years.
The bank is headed by the Governor and the post is currently held by economist Urjit Patel. There are 4 Deputy Governors R.Gandhi, S.S.Mundra, N.S.Vishwanathan and Viral Acharya.
Branches of R.B.I
The RBI has four zonal offices at Chennai, Delhi, Kolkata and Mumbai. It has 19 regional offices and 11 sub-offices. Regional offices are located in Ahmedabad, Bangalore, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kochi, Kolkata, Lucknow, Mumbai, Nagpur, Patna and Thiruvananthapuram.
Sub – offices are located in Agartala, Aizawal, Dehradun, Gangtok, Imphal, Panaji, Raipur, Ranchi, Shillong, Shimla and Srinagar.
The RBI has four regional representations: North in New Delhi, South in Chennai, East in Kolkata and West in Mumbai. The representations are formed by five members, appointed for four years by the central government and with a advice of the Central Board of Directors serve as a forum for regional banks and to deal with delegated tasks from the Central Board.
It has two training colleges for its officers, viz. Reserve Bank Staff College, Chennai and College of Agricultural Banking, Pune. There are three autonomous institutions run by RBI namely National Institute of Bank Management (NIBM), Indira Gandhi Institue of Development and Research(IGIDR), Institute for Development and Research in Banking Technology (IDRBT)