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RBI’s 90th Foundation Day
April 6 , 2024
92 days
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- The Reserve Bank of India (RBI) was established on April 1, 1935.
- It is responsible for monetary stability, currency management, inflation targeting, regulating the banking system, and setting interest rates.
- Legislation to set up the Reserve Bank of India was enacted in March 1934.
- The provisions relating to the constitution of the bank, issue of share capital, and establishment of central and local boards became operative from January 1, 1935.
- The first Governor of the RBI was the Australian Sir Osborne Arkell Smith, one of the two managing governors of the Imperial Bank of India.
- Sir C D Deshmukh was the first Indian to become the RBI Governor.
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