The Reserve Bank of India is India’s Central Banking Institution. It controls the Monetary Policy of the Indian Rupee. The RBI plays an important part in the Development Strategy of the Government of India. The bank is also active in promoting financial inclusion policy.
Let’s take a look at some interesting facts about RBI:-
The RBI was established by way of the Reserve Bank of India Act .
It was titled “The Problem of the Rupee – Its origin and its solution” and presented to the Hilton Young Commission. The bank was set up based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton–Young Commission.
The Central Office is where the Governor sits and where policies are formulated.
The institution is country’s major holder of Gold Deposits.
The website is www.paisaboltahai.rbi.org.in. Here, you will find detailed information on how to spot fake currency.
Strange but true!
It also printed 2100 crore pieces of banknotes during the same time. Between, that is not how it earns profit. Source
The Government of India has the sole right to mint coins. The designing and minting of coins in various denominations is also the responsibility of the Government of India.
They just replaced lion with tiger from the entrance gate at Belvedere, Calcutta.