Introduction:

The Reserve Bank of India, chiefly known as RBI, is India's central

bank and regulatory body responsible for regulation of the Indian banking
system. It is under the ownership of Ministry of Finance, Government of
India. It is responsible for the control, issue and maintaining supply of
the Indian rupee.
It also manages the country's main payment systems and works to
promote its economic development .The Reserve Bank of India, chiefly
known as RBI, is India's central bank and regulatory body responsible
for regulation of the Indian banking system.
It is under the ownership of Ministry of Finance, Government of India. It is
responsible for the control, issue and maintaining supply of the Indian
rupee. It also manages the country's main payment systems and works to
promote its economic development.

The overall direction of the RBI lies with the 21-member central board of
directors, each of these local boards consists of five members who
represent regional interests and the interests of co-operative and
indigenous banks.

It is a member bank of the Asian Clearing Union. The bank is also active in
promoting financial inclusion policy and is a leading member of
the Alliance for Financial Inclusion (AFI). The bank is often referred to by
the name 'Mint Street'.[11]
 History of RBI:

The Reserve Bank of India was established following the Reserve Bank of
India Act of 1934.Though privately owned initially, it was nationalised in 1949
and since then fully owned by the Ministry of Finance, Government of India .
This central banking institution was established based on the suggestions
of the “Royal Commission on Indian Currency & Finance” in 1926. This
commission was also known as Hilton Young Commission.

The Reserve Bank of India was established on April 1, 1935 in accordance

with the provisions of the Reserve Bank of India Act, 1934.

The Central Office of the Reserve Bank was initially established in Kolkata
but was permanently moved to Mumbai in 1937. The Central Office is where
the Governor sits and where policies are formulated.

Though originally privately owned, since nationalisation in 1949, the

Reserve Bank is fully owned by the Government of India.

On 12 November 2021, the Prime Minister of India, Narendra Modi, launched

two new schemes which aim at expanding investments and ensuring more
security for investors. The two new schemes include the RBI Retail Direct
Scheme and the Reserve Bank Integrated Ombudsman Scheme. The RBI
Retail Direct Scheme is targeted at retail investors to invest easily in
government securities. According to RBI, the scheme will allow retail
investors to open and maintain their government securities account free of
cost.

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