What is RBI & its Functions ?

Reserve Bank of India :

Head Quarter: Mumbai
Four Local Boards : Kolkata, Delhi, Chennai and Mumbai.
Objectives : Short terms loans to Govt. under ways and means advances.
Governor : Dr.Raghu Ram Rajan
Four Deputy Governors
1. Mr.Harun Rashid Khan
2. Mr.S.S. Mundra
3. Dr.Urjit R. Patel
4. Mr. R. Gandhi
It has 4 regional ofices, 15 Branches and 5 sub-ofices.Reserve Bank of India (RBI) is the Central Bank and Supreme monetary authority of India.
RBI was established on April 1, 1935 under RBI Act 1934.
RBI was established with 5 crore as its capital as a private shareholders bank.
RBI was nationalised on January 1, 1949.

Functions of RBI :

It acts as a central bank of India.
It acts as a banker to the Central and State Government.
It acts as an advisor to the government.
It acts as bankers bank and supervisor.
RBI acts as the controller of money supply and credit.
It manages the foreign exchanges.
Rbi promotes commercial banking, rural (agricultural) credit, industrial finance and export finance etc.
RBI issues currency.
RBI acts as central clearing house for inter bank transactions.
It act as lender of last resort.