Reserve Bank of India

The Reserve Bank of India is the central bank of India and controls the monetary policy of the rupee. The institution was established on 1 April 1935. Initially the Central Office of the RBI was in Calcutta, which was later shifted to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. The Bank's affairs are governed by a central board of directors which is appointed by the Government of India and consists of Governor and four deputy governors.The present Governor of RBI is Dr.D.Subbarao. The Reserve Bank of India has four regional representations: North in New Delhi, South in Chennai, East in Kolkata and West in Mumbai. The basic objectives of RBI are to issue bank notes, to maintain the currency and credit system of the country to utilize it in its best advantage, and to maintain the reserves. RBI maintains the economic structure of the country. The RBI is also a banker to the Government.