Reserve Bank of India : Central Bank- Some interesting facts-Know more
Every country has a bank that works as an apex institution which controls the overall economy. In India, RBI acts as the central bank and controls the Indian Banking System. RBI stands for Reserve Bank Of India. It was established on 1st April, 1935.
Here are some facts related to Reserve Bank of India that one must know:
- RBI commenced its operation on 1st April ,1935 under the RBI Act, 1935.
- It was nationalized after Independence on 1st January, 1949.
- RBI is under the ownership of of MoF, i.e., Ministry of Finance, Government of India.
- RBI has the sole authority of issue notes in India ,i.e., monopoly of note issue in India.
- Regulation and control of the other banking system in India rests in the hand of RBI
Here’s a list of the central banks of some other countries:
| 1. | United States | Federal Reserve Bank |
| 2. | Japan | The Bank of Japan |
| 3. | China | People’s Bank of China |
| 4. | Pakistan | State Bank of Pakistan |
| 5. | Sri Lanka | The Central Bank of Sri Lanka |
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