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Overview of the RBI Journey:
- The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission.
- The Reserve Bank of India Act, of 1934 provides the statutory basis of the functioning of the RBI, which commenced operations on April 1, 1935.
- The first Indian Governor was Sir C D Deshmukh.
- During the economic crisis of 1990, the RBI took measures such as devaluing the rupee, allowing full convertibility, and deregulating interest rates. Banking reforms were also introduced.
- During the 2008 global financial crisis, Y V Reddy’s policies shielded India, while Raghuram Rajan and Subbarao adopted accommodative measures. Patel faced challenges during demonetization in 2016.
- Initiatives like the Monetary Policy Committee (MPC) and the Insolvency and Bankruptcy Code (IBC) have been introduced by the RBI.
Why in News:
- The RBI has recently completed 90 years of its formation.
