Reserve Bank of India

The Reserve Bank of India, (abbr. RBI), is India's central bank, and the regulatory organisation for the Indian banking & financial system and Indian currency. It is owned by the Ministry of Finance, Government of India, it is responsible for the control, issue, and supply of the Indian rupee. It also manages the country's main payment systems & the foreign exchange under the FEMA Act, 1999. The RBI is a statutory body of the union government and considered State under the Article 12 of the Constitution of India. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore (Karnataka; Southern India) and Salboni (West Bengal; Eastern India). Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks. The RBI is responsible for formulating and implementing India's monetary policy. The 2016 reform changed the decision-making framework from a Governor-centric model to a committee-based Monetary Policy Committee (MPC) model. It commenced its operations on 2 April 1935 in accordance with the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid. The RBI was nationalised on 1 January 1949, almost a year and a half after India's independence. The overall direction of the RBI lies with the 21-member central board of directors, composed of: the governor; four deputy governors; two finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary); ten government-nominated directors; and four directors who represent local boards for Mumbai, Kolkata, Chennai, and Delhi. 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".