The Reserve Bank of India (RBI) Act of 1934 is a cornerstone of India’s financial and banking system, laying the foundation for the establishment and functioning of the Reserve Bank of India. Enacted on March 6, 1934, the Act empowers the RBI to regulate the issuance of currency, manage the country’s foreign exchange, oversee monetary…
The Reserve Bank of India (RBI), established in 1935, is the central banking institution of India, responsible for regulating the country’s monetary and financial system. It operates under the jurisdiction of the Ministry of Finance and is headquartered in Mumbai. The RBI’s primary functions include issuing currency, managing foreign exchange, supervising financial institutions, and implementing…
The evolution of banking in India is a fascinating journey that reflects the country’s socio-economic transformations. The banking sector has undergone significant changes from the colonial period to post-independence, the liberalisation phase to modern-day advancements. The following are the various phases of the evolution of banking in India and how it brought drastic changes to…