June 19, 2013 6:53 PM ET

Diversified Financial Services

Company Overview of Reserve Bank of India

Company Overview

Reserve Bank of India regulates the issue of bank notes, maintains reserves to secure monetary stability, and operates the currency and credit system in India. The company also formulates, implements, and monitors the monetary policy; prescribes broad parameters for banking operations within which the country's banking and financial system work; and issues and exchanges or destroys currency and coins not fit for circulation. It also performs various promotional functions to support national objectives; manages the foreign exchange management; and performs merchant banking function for the central and the state governments, as well as acts as their banker. Reserve Bank of India was founded in...

Detailed Description

Central Office Building

21st Floor

Shahid Bhagat Singh Marg

Mumbai,  400001

India

Founded in 1935

Key Executives for Reserve Bank of India

Governor and Director
Age: 63
Deputy Governor and Director
Age: 62
Deputy Governor and Director
Age: 63
Deputy Governor
Age: 57
Head of Economic Policy Statistics and Information
Compensation as of Fiscal Year 2012.

Reserve Bank of India Key Developments

Reserve Bank of India Penalises Bhilwara Mahila Urban Co-operative Bank Ltd
May 30 13

The Reserve Bank of India on May 29, 2013 has imposed a penalty of INR 0.1 million on the Bhilwara Mahila Urban Co-operative Bank Ltd, Bhilwara, for violating the RBI guidelines pertaining to breach of ceiling on unsecured advances and loans to relatives of directors of the bank. The RBI had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made personal hearing. Based on the reply, the RBI came to the conclusion that the violations were substantiated and warranted imposition of the monetary penalty. Accordingly, it penalised the bank.

Reserve Bank of India Appoints Urjit Patel as Deputy Governor
Jan 7 13

Urjit Patel, a consultant at Boston Consulting Group, has been appointed a deputy governor at the Reserve Bank of India. Mr. Patel succeeds Subir Gokarn who was aiding the governor in shaping the monetary policy. Mr. Patel will serve a two-year term at RBI.

Reserve Bank of India Promotes Deepali Pant Joshi as Executive Director
Jan 1 13

Reserve Bank of India (RBI) announced that Deepali Pant Joshi has been promoted as the executive director of RBI. Prior to her promotion, she was the regional director of the RBI’s Rajasthan regional office. Joshi’s appointment follows the superannuation of VK Sharma. The central bank at present has nine executive directors.

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