Awdhesh Singh is teaching live on Unacademy Plus
Contemporary Issues of Reserve Bank of India Dr. Awdhesh Singh, IRS (Retd.) Director, Awdhesh Academy Former Commissioner, Customs & Indirect Taxes
.B Tech from IIT-BHU Varanasi .M Tech from IIT-Delhi PhD IIITM-Gwalior in 2008 Joined IRS (C&IT) in 1991 Received Presidential Award from Government of India in 2016 .Took voluntary retirement in October 2016 in the rank of Commissioner .Fifth Most Followed Writer on Quora in the world with around 2.5 lakhs followers and over 110 Million Answer views 2I .Authored four bestselling books on the topic of Spiritual Intelligence Leadership, Myths, and GST Follow Me @ Director, Awdhesh Academy unacademy.in/user/aksinghirs AwdheshSingh.com
Course Content Constitution and functions of RBI Monetary policy and different instruments of monetary policies. Demonetization .Banking Frauds . Tussle between RBI and Government of India Other contemporary issues connected with RBI
Who should take the course Useful to the civil services aspirant. .Useful for the candidates appearing in other competitive examinations.
Constitution of RBI The Reserve Bank of India (RBI) is India's central banking institution, which controls the issuance and supply of the Indian rupee. .RBI was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office RBI was initially established in Calcutta but moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated RBl was originally privately owned. However, it was nationalised in 1949 Reserve Bank is now fully owned by the Government of India. .RBI is also known as banker's bank.
Preamble The Preamble describes the basic functions of RBI as: "to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth."
Central Board of RBI The Reserve Bank's affairs are governed by a central board of directors, which is appointed by the Government of India as per the Reserve Bank of India Act. The official directors are appointed/nominated for a period of four years .The 21-member central board of directors includes . Governor RBI .4 deputy governors; .2 finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary); economy; and and the capital New Delhi. . 10 government-nominated directors to represent important elements of India's . 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai
Present Constitution of the Central Board . Shri Shaktikanta Das (Governor) .Shri N. S. Vishwanathan (Deputy Governor) Dr. Viral V. Acharya (Deputy Governor) -Shri . . Kanungo (Deputy Governor) . Shri Mahesh Kumar Jain (Deputy Governor)
Local Boards . One each for the four regions of the country in Mumbai, Calcutta, Chennai and New Delhi Membership: consist of five members each appointed by the Central Government for a term of four years Functions To advise the Central Board on local matters and to represent territorial and economic interests of local cooperative and indigenous banks; to perform such other functions as delegated by Central Board from time to time.
Board for Financial Supervision (BFS). RBI performs this function under the guidance of the Board for Financial Supervision (BFS). The Board was constituted in November 1994 as a committee of the Central Board of Directors of the Reserve Bank of India The Board is constituted by co-opting four Directors from the Central Board as members for a term of two years and is chaired by the Governor. The Deputy Governors of the Reserve Bank are ex-officio members. One Deputy Governor, usually, the Deputy Governor in charge of banking regulation and supervision, is nominated as the Vice-Chairman of the Board.
Recent initiatives taken by BFS Restructuring of the system of bank inspections . Introduction of off-site surveillance, .Strengthening of the role of statutory auditors and .Strengthening of the internal defences of supervised institutions.