The Reserve Bank of India (RBI) is India’s central banking institution, which controls the issuance and supply of the Indian rupee. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934.
The general superintendence and direction of the RBI is entrusted with the 21-member central board of directors: the Governor; four Deputy Governors; two Finance Ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary); ten Government-Nominated Directors to represent important elements of India’s economy; and four Directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and the capital New Delhi. Each of these local boards consists of five members who represent regional interests, the interests of co-operative and indigenous banks.
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