Top 7 Unknown yet Interesting Facts about Reserve Bank of India (RBI) on its 82nd Birthday

Mumbai: Reserve Bank of India (RBI) was formed on 01 April 1935 and the initial central office was in Kolkata. The office of this giant central bank got permanently shifted to Mumbai in 1937. The main objective of establishing RBI was to manage the monetary and credit system of the country. It is the single largest regulatory authority to regulate the entire banking system of India. Ajanta News brings 7 of the interesting yet unknown facts about RBI to its readers on RBI’s 82nd birthday

1. The central banking institution of India, RBI was founded by Independent India’s first law minister, Dr. Baba Saheb Ambedkar in the year 1935.

    

2. The RBI logo was inspired from the logo of East India Company ‘Double Mohur’

    

3. The first RBI office bearer was British banker, Osborne Smith but C. D. Deshmukh was the first Indian Governor. Current Governor of RBI is Mr. Urjit Patel. 

    

4. Initially, RBI’s shares were with the private share holders i.e. it was a privately owned bank but this central bank got nationalised on 01 January 1949.

    

5. Unlike Indian Government’s financial year, RBI’s financial year is from 1 July to 30 June of every year

    

6. The coins are not minted by RBI, the minting of coins is done by Government of India but the currency notes are printed by RBI

    

7. Our Ex Prime Minister Manmohan Singh is the only PM of India who also served as the Governor of RBI (1982-1985)