ROLES AND FUNCTIONS OF RBI
Reserve Bank of India Establishment: The Reserve Bank of India was established in 1935 under the provisions of the Reserve Bank of India Act, 1934 in Calcutta, eventually moved permanently to Mumbai . Though originally privately owned, was nationalized in 1949. Organisation and Management: The Reserve Bank”s affairs are governed by a central board of directors . The board is appointed by the Government of India for a period of four years. Full-time officials : Governor and not more than four Deputy Governors. The current Governor of RBI is Mr. Urjit Pattel . There are 4 Deputy Governors , BP Kanungo, S S Mundra, N S Vishwanathan and Viral Acharya . Nominated by Government: ten Directors from various fields and two government Officials Others: four Directors – one each from four local boards Main Role and Functions of RBI Monetary Authority : Formulates, implements and monitors the monetary policy for A) maintaining price stability, keeping inflation