The Reserve Bank of India (RBI) is India’s central bank and regulatory body responsible for the regulation of the Indian banking system. It is under the ownership of the Ministry of Finance, Government of India. It is responsible for the control, issuing and maintaining a supply of the Indian rupee. It also manages the country’s main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran is a specialised division of RBI through which it prints and mints Indian currency notes in two of its currency printing presses located in Nashik and Dewas.
RBI established the National Payments Corporation of India as one of its specialised divisions to regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised divisions for the purpose of providing insurance of deposits and guaranteeing credit facilities to all Indian banks.
Until the Monetary Policy Committee was established in 2016, it also had full control over monetary policy in the country. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid. Following India’s independence on 15 August 1947, the RBI was nationalised on 1 January 1949.