13 Facts about the RBI that you Probably Did Not Know
Here are 13 interesting and lesser known facts about our very own Reserve Bank of India, that you might not be aware of.
It regulates the entire banking system of the nation, has the job of ensuring monetary stability for us, is responsible for printing our currency notes, operates the country’s credit and currency system, and does a lot more from its position at the top of the banking system pyramid. The Reserve Bank of India, is thus, at the centre of it all. But you probably already knew all of this. What you most likely do not know are these 13 lesser discussed, and quite interesting facts about the RBI. Dig in to be the next RBI knowledge expert (only if something like this exists, of course).
1. The RBI logo was inspired from the East India Company Double Mohur.
2. It was formed on April 1, 1935 as a private entity, but is a government entity now. Nationalization of the central bank did not happen till 1949.
3. The financial year of RBI is from 1 July to 30 June.
4. RBI is responsible only for printing the currency notes. Minting of coins is done by the Government of India.
5. The first woman to become the deputy governor of RBI is K. J. Udeshi. She was appointed in 2003.
6. RBI demonetized notes in the denominations of five thousand rupees (Rs. 5,000) and ten thousand rupees (Rs. 10,000) in 1938. They were reintroduced in 1954 and again demonetized in 1978. RBI can print these notes according to the RBI act of 1934.
7. RBI was also the central bank for two other countries. It played the role of Central Bank of Pakistan till June 1948 and the Central Bank of Burma ( Myanmar) till April 1947.
8. The bank was established on the recommendation of the Hilton Young Commission.
9. RBI does not have second class employees. It has 17000 Class I, Class III & Class IV employees.
10. Manmohan Singh is the only Prime Minister to have also served as the Governor of RBI.
He was the Governor of RBI from 1982-1985.
11. The first Indian to hold the position of the Governor of RBI was Mr. C.D. Deshmukh. He was the third governor of RBI.
In his tenure, RBI transitioned from a shareholder’s institution to a state-owned organization. He was, however, against the nationalization of banks.