Reserve Bank of India

governor

The Reserve Bank of India was started in the year 1935 during the British Rule. RBI is the central bank of India that regulates and supervises the operations of all the banks that operate within India. Any bank that operates inside the borders of the Indian country, have to follow the guidelines laid down by RBI.

The current Governor is Mr. Duvvuri Subbarao.

r b i missionand vision

Reserve Bank of India was established on 1st April 1935 through the Reserve Bank of India Act, 1934, when the British Ruled India. It is the central bank of India that governs the operations of all banks in the country. It was created to help reduce the economic troubles in India after the first world war.

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crr=6%

slr=19%

offer commercial banks more credit in the open market.

In classical India (whose boundaries stretched far beyond today's limits) social order, as described in Vedic literatures, was not a familial caste system. Rather, one's position in society was based on one's qualities and propensities. The purpose of the system was, and remains, to keep society in a state of peace and prosperity. From such a position of security and happiness one could more easily advance in life. The names and descriptions of the classes and orders persist till today from the ancient Vedas. These groupings were more descriptive than prescriptive. However, once one identified within a group one was expected to live by its tenets and expectations. One could change position through qualification, though, since position was not birth-dependent. The social system was and is called varnasrama. It has two parts, varna (occupational divisions) and asrama (social divisions). The four varnas are brahmana, ksatria, vaishya, and sudra. Membership in these occupational categories depends on education and training, qualities, and propensity. This is similar to the requirement, for example, that an elementary school teacher must be degreed, trained in education and the area of instruction, a holder of a teaching certificate, of good character, and of a nature compatible with the role. Roughly, brahmanas are priests and teachers, ksatriyas are military and management, vaishyas are in business, and sudras are the workers/employees. The four asramas are brahmachari, grhastha, vanaprastha, and sannyasa. Brahmacaris are single students, grhasthas are those in family life, vanaprasthas are in retired, semirenounced life, and those who elect sannyasa remain henceforward renounced. Under varnasrama, just as in modern society, one's social position is by choice. And similarly, each person is expected to live by the standards of his or her position, for the peace of society. For example, the proscription against adultery is not just a rule of religions but a societal principle for the benefit of both individuals and communities.

Banks etc are in the business of providing services. There is a separate industry used by banks and other business regarding the credit worthiness/history of individual customers. This industry is called a Credit Rating Service and the companies providing this service (all round the world) gather history relating to the debt load, payment history, Court judgements, bankruptcy etc. of individuals.

Banks and other business dealing with individuals will then purchase information about individuals from these Credit Rating agencies before doing business with any individual.

Therefore if business will not deal with you, it is not because THEY are blacklisting you, it is because your credit history (held by the Credit Rating Service companies) is bad.

In most countries you have a rite to ask for and see your credit history (from these companies) and to challenge and change any FACTUAL mistakes.

To help you I include a link below to a UK Credit rating company, look for a similar service in your home country.

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In the US there are no such things. I'm not sure they would be used most anywhere.

That's because other than being illegal, they would have no good purpose. Each bank/lender/business makes it's own decisions...and a list of customers others don't want to have, would only be a benefit to those looking for new customers! They are competitors...why would anyone want to hurt itself to help it's competitor? They don't and won't! Believe it or not....there really isn't a conspiracy by all these against YOU...you ain't that important. Of course, if you may have a bad history that would make any reasonable business avoid you like the plague.

Same true for the idea there is an "employer" blacklist. Cos compete for good employees...if you are one, that's all that matters...no they wouldn't give up a profitable job because their competitor said they would like it....and the same is true about an employee...they ain't going to do what their competitor says, just because...heck...they would probably do the opposite.

However, the US does use credit services that report your credit history and even give it a grade. Banks and any credit providers generally use these as a primary tool for seeing if someone pays back on time, and is truthful in their application. They are made by 3rd parties, not involved in any actual lending...and are available to everyone...and for free to the person whose report it is. (In fact if your credit request is denied because of anything found on a credit report, that info must be provided to you when they tell you of your denial).

If you have bad credit that is your doing - and you can expect to be denied loan applications or others doing business with you. These things are not a right to you, but doing them only with whom one wants, is a right to everyone. Financial discrimination is entirely legal. If your credit report is inaccurate - it reports things that didn't happen...not that you don't like - the credit reporter MUST correct them upon your request and providing proof.

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foreign-exchange control

the financial year of rbi is from 1st July to 30th June.

i.e. for the year 2010-2011.. it is from 01/07/2010 to 30/06/2011.

It commenced its operations on April 1, 1935, during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.

Based on the gold reserves and balance of payment

No. The Reserve Bank of India is the central bank of the nation of India and it will be open on all working days just like the regular banks. They will be closed on Sundays and public holidays like Deepavali or Independence day.

A collecting banker's protection consists of the check he collected is a crossed check, he collected the check only as an agent, and he collected it in good faith. For a paying banker, his protection is that the signature is verified and the check is genuine.

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there is no minimum limit of CRR in India but the maximum limit is 15%

july to june

A collecting banker is one who undertakes to collect the amount of a cheques & bills for his customer from the paying banker. A banker is under no legal obligation to collect cheques drawn upon other banks for a customer. But this function is performed by every modern bank.

Reserve Bank of India was established on 1st April 1935 through the Reserve Bank of India Act, 1934, when the British Ruled India. It is the central bank of India that governs the operations of all banks in the country. It was created to help reduce the economic troubles in India after the first world war.

In 2013, the Reserve Bank of India (RBI) was headed by Dr. Raghuram Rajan, who served as the 23rd Governor of the RBI from September 2013 until September 2016. He was known for his focus on financial stability and reforming the Indian banking sector. Prior to his role at the RBI, Rajan was the Chief Economist and Director of Research at the International Monetary Fund (IMF).

It does not seem that the Reserve Bank of India has issued a ban on an SKR, or safe keeping receipt. However, there are new provisions for safe custody and safety deposit boxes.