Reserve Bank of India
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|Established||1 April 1935|
|Central bank of|
|Interest on reserves||4.00% (market determined)|
The Reserve Bank of India (RBI) is India's
The RBI plays an important part in the Development Strategy of the
The central bank was an independent apex monetary authority which regulates banks and provides important financial services like storing of foreign exchange reserves, control of inflation, monetary policy report till 2016 August. A central bank is known by different names in different countries. The functions of a central bank vary from country to country and are autonomous or quasi-autonomous body and perform or through another agency vital monetary functions in the country. A central bank is a vital financial apex institution of an economy and the key objects of central banks may differ from country to country still they perform activities and functions with the goal of maintaining economic stability and growth of an economy.
The bank is also active in promoting financial inclusion policy and is a leading member of the
The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as:
"to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth."