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:-
1. RBI was the banker for Government of Burma (now Myanmar) until 1947 and offered central banking service to Pakistan until 1948
2. Reserve Bank of India was created during the British rule
The RBI was established by way of the Reserve Bank of India Act .
3. RBI was conceptualized as per the guidelines, working style and outlook presented by Ambedkar in his book
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.
4. First headquartered in Calcutta, it was permanently moved to Mumbai in 1937
The Central Office is where the Governor sits and where policies are formulated.
5. RBI’s Nagpur branch holds the biggest chunk of India’s gold deposits
The institution is country’s major holder of Gold Deposits.
6. RBI has launched a website to raise awareness among masses about fake notes in the market
The website is www.paisaboltahai.rbi.org.in. Here, you will find detailed information on how to spot fake currency.
7. RBI does not have any Class II employee; there’re only Class I, III and IV employees
Strange but true!
8. In 2013-14, RBI transferred Rs 52679 crores of its profits to Government of India
It also printed 2100 crore pieces of banknotes during the same time. Between, that is not how it earns profit. Source
9. RBI has the authority to issue bank notes of denominational values of Rs. 2, 5, 10, 20, 50, 100, 500, 1,000, 5,000 and 10,000
10. Government of India is responsible for minting of coins and printing 1 Rs notes, not the RBI
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.
11. RBI’s logo was copied from East India Company Double Mohur
They just replaced lion with tiger from the entrance gate at Belvedere, Calcutta.