Indian Economy
Reserve Bank of India
Central bank of India
Overview
The Reserve Bank of India (RBI) is the central bank of the Republic of India 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.
Source: Wikipedia — Reserve Bank of India (CC BY-SA)
Key concepts
How Reserve Bank of India connects to the ideas, people and events around it.
A central bank, reserve bank, national bank, state bank, or monetary authority is a financial institution that manages the monetary policy of a country or monetary union.
India, officially the Republic of India, is a country in South Asia. It is the world's seventh-largest country by area and its most populous.
The Indian rupee is the official currency of India and the erstwhile Dominion of India and British Raj. The rupee is subdivided into 100 paise. The issuance of the currency is controlled by the Reserve Bank of India.
The Ministry of Finance is a ministry of the Government of India concerned with the economy of India, serving as the Treasury of India.
The Government of India is the national authority of the Republic of India, established in accordance with the Constitution of India.
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India which was adopted under the guidance of Prime Minister Atal Bihari Vajpayee "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India".
A statutory body or statutory authority is a body set up by law (statute) that is authorised to implement certain legislation on behalf of the relevant country or state, sometimes by being empowered or delegated to set rules in their field.
Article 12 of the Indian Constitution defines the concept of "state" in Indian Polity and laws. This article is only applicable to Part III and Part IV.
Revise Reserve Bank of India
Flashcards and a quick quiz, built from this map.
Questions about Reserve Bank of India
What is Reserve Bank of India?
The Reserve Bank of India (RBI) is the central bank of the Republic of India 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.
What are the key concepts related to Reserve Bank of India?
The main concepts connected to Reserve Bank of India include Central bank, India, Indian rupee, Ministry of Finance (India), Government of India, Foreign Exchange Management Act, 1999, Statutory body, Article 12 of the Constitution of India. Each is linked on the map above with its own summary.
Which exams cover Reserve Bank of India?
Reserve Bank of India is part of Indian Economy and Banking & Financial Awareness, which appears in the syllabus of UPSC CSE, UPSC CAPF, NDA, CDS, AFCAT, SSC CGL and 58 more exams.