Reserve Bank of India was started 90 years ago, know its story
[ad_1]
The Reserve Bank of India, also known as RBI, is now 90 years old. On this special day of the Reserve Bank, a function was organized in Mumbai, in which Prime Minister Narendra Modi also participated. Finance Minister Nirmala Sitharaman and Reserve Bank Governor Shaktikanta Das were also present with him on this occasion. The history of RBI, which has turned 90 today, has also been quite interesting.
There was a time when RBI used to issue currency for the neighboring country Myanmar. This is a bank which has also played the role of central bank for Pakistan. Let us tell you that after independence, the Reserve Bank of India has also worked as the central bank of Pakistan. At that time RBI used to issue currency for Pakistan also. However, this trend continued for about two years after the independence of Pakistan. After this, State Bank of Pakistan was formed on July 1, 1949, which issued the currency of Pakistan. After this RBI was also nationalized.
Currency issued for Myanmar
The special thing is that at some time the Reserve Bank of India has also issued currency for Myanmar. It has also worked as the central bank for Myanmar. This trend continued till 1947.
Know when the suggestion to create a Reserve Bank was received
The creation of the Reserve Bank of India was suggested by the Royal Commission on Indian Currency and Finance. The Commission had given this suggestion in the year 1926, the aim of which was to control currency and credit in India. For this, a strong institution will be created, in which the government will stay away.
The first office was not in Delhi
Today the headquarters of RBI is located in New Delhi but its first office was opened in Kolkata. Its first governor was Sir Osburn Smith. Later its office was shifted to Mumbai. Along with this, there were many changes in India’s economy and finance sector. It was during these changes that the way the RBI worked changed.
It is noteworthy that in today’s time, the main work of RBI is to issue currency and make policies related to the economy. The Reserve Bank acts as a banker for the Central Government, State Governments and commercial banks. RBI also maintains foreign exchange reserves. He also works in the International Monetary Fund as a representative of the Government of India.
[ad_2]
Source link
