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11 Facts You Never Knew About The Reserve Bank Of India (RBI)

Updated on 2 September, 2019 at 4:40 pm By

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.


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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 [1934].



 

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.

 

RBI and Ambedkar

mulnivasisangh.com

4. First headquartered in Calcutta, it was permanently moved to Mumbai in 1937


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The Central Office is where the Governor sits and where policies are formulated.

rbi headquarter in Calcutta

wikimedia.org

5. RBI’s Nagpur branch holds the biggest chunk of India’s gold deposits

The institution is country’s major holder of Gold Deposits.

RBI’s Nagpur branch

wikimedia.org

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.

awareness about fake notes006

moneyguideindia.com

7. RBI does not have any Class II employee; there’re only Class I, III and IV employees

Strange but true!

no Class II employee in rbi

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 the 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

rbi issue bank notes

thehindu.com

10. The government of India is responsible for the 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 the tiger from the entrance gate at Belvedere, Calcutta.

RBI’s logo

quoracdn.net

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