14 Sep 2022 Facts Of The Day
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Main functions of RBI
1. Monetary Authority:
- Formulates, implements, and monitors the monetary policy.
- Objective: maintaining price stability while keeping in mind the objective of growth. Regulator and supervisor of the financial system:
2. Prescribes broad parameters of banking operations within which the country’s banking and financial system functions.
- Objective: maintain public confidence in the system, protect depositors’ interest and provide cost-effective banking services to the public.
- Manager of Foreign Exchange
3. Manages the Foreign Exchange Management Act, 1999.
- Objective: to facilitate external trade and payment and promote orderly development and maintenance of the foreign exchange market in India.
- Issuer of currency
4. Issues, exchanges and destroys currency notes as well as puts into circulation coins minted by Government of India.
- Objective: to give the public adequate quantities of supplies of currency notes and coins and in good quality.
- Developmental role
5. Performs a wide range of promotional functions to support national objectives.
- Regulator and Supervisor of Payment and Settlement Systems.
6. Introduces and upgrade safe and efficient modes of payment systems in the country to meet the requirements of the public at large.
- Objective: maintain public confidence in payment and settlement system Related Functions.
7. Banker to the Government:
- performs merchant banking functions for the central and the state governments; also acts as their banker.
8. Banker to banks:
- maintains banking accounts of all scheduled banks.
