The Reserve Bank of India was built up on April 1, 1935 as per the arrangements of the Reserve Bank of India Act, 1934.

The Central Office of the Reserve Bank was at first settled in Calcutta yet was for all time moved to Mumbai in 1937. The Central Office is the place the Governor sits and where strategies are defined.

Though originally privately owned, since nationalisation in the year 1949, the Reserve Bank is fully owned by the Government of India.

Introduction

The Preamble of the Reserve Bank of India portrays the essential elements of the Reserve Bank as:

"...to manage the issue of Bank Notes and keeping of stores with a view to securing fiscal steadiness in India and by and large to work the money and credit arrangement of the nation further bolstering its good fortune."

Central Board

The Reserve Bank's undertakings are represented by a focal governing body. The board is delegated by the Government of India with regards to the Reserve Bank of India Act.

Named/selected for a time of four years

Constitution:

Official Directors

Full-time : Governor and not more than four Deputy Governors

Non-Official Directors

Named by Government: ten Directors from different fields and two government Official

Others: four Directors - one each from four nearby sheets