90 years of the Reserve Bank of India

Disclaimer: Copyright infringement not intended.

Context

• Prime Minister Narendra Modi will address a ceremony marking 90 years of the Reserve Bank of India.

All about RBI

All about RBI's history

• The establishment of the Reserve Bank of India was guided by the suggestions of the Hilton Young Commission, according to the central bank's official website. The functioning of this central bank is governed by the Reserve Bank of India Act, 1934 (II of 1934), and it began operations on April 1, 1935. It has released four volumes detailing its journey.
• Volume 1, published in 1970, delves into the period from 1935 to 1951, chronicling the establishment of India's central bank and its formative years. It discusses the challenges encountered during World War II and the post-independence era.
• Volume 2, released in 1998, covers the years from 1951 to 1967, marked by India's transition to planned economic development. It showcases efforts to bolster and refine the nation's economic and financial structure.
• Volume 3, unveiled by former Prime Minister Manmohan Singh on March 18, 2006, spans from 1967 to 1981. It highlights significant events like the nationalisation of fourteen banks in 1969, which expanded banking services across India.
• Volume 4, also launched by Manmohan Singh on August 17, 2013, documents the dynamic 16-year period from 1981 to 1997. Published in two parts, Part A and Part B:
• Part A of the volume centres on shifting the Indian economy from a regime of constraints to gradual liberalisation.
• Part B of the volume details the enactment of structural and financial sector reforms, including fiscal adjustments and the discontinuation of automatic monetisation. It discusses the evolution of the government securities market and the enhanced integration of money, securities, and foreign exchange markets. Additionally, it examines the changes in banking due to liberalisation and enhancements in credit provision.

ALL ABOUT RBI: https://www.iasgyan.in/daily-current-affairs/rbi