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The Reserve Bank of India (RBI) has issued an official advertisement seeking applications for the position of Deputy Governor.
It started operations on 1st April 1935 under the Reserve Bank of India Act 1934. It was nationalized on January 1, 1949.
It is administered by the Union Ministry of Finance and is in charge of controlling, issuing, and maintaining the Indian rupee supply.
It manages the country's major payment systems and works to promote economic growth. The Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialized division of the RBI that prints and mints Indian currency notes (INR) at two of its currency printing presses in Mysore (Karnataka) and Salboni (West Bengal).
The RBI's overall direction is set by the 21-member central board of directors, which includes;
The salary is Rs2,25,000 (Level 17) and the term of office is three years. The candidate is eligible for re-appointment.
They are part of the Monetary Policy Committee, who decide the interest rate and other monetary measures to control inflation and to ensure economic stability.
They monitor, supervise and regulate banks and financial institutions to ensure compilation with banking regulation, maintaining fiscal stability and addressing issues related to non performing assets.
They are involved in the internal management of the RBI and ensure the efficient functioning of the central bank operation.
Michael Patra, an economist, has worked for the RBI since 1985. He was appointed deputy governor in January 2020 for a three-year term as a member of the monetary policy committee (MPC), which was extended by one year. |
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PRACTICE QUESTION Q.Consider the following statements in the context of the Monetary Policy Committee: 1. The meetings of the Committee are held at least four times a year. 2. The committee members need to mark a "silent period" of seven days before and after the rate decision. Which of the above statements is/are correct? A) 1 only B) 2 only C) Both 1 and 2 D) Neither 1 nor 2 Answer: C Explanation: Statement 1 is correct: The Monetary Policy Committee is in charge of setting India's benchmark interest rate. The Monetary Policy Committee meets at least four times a year (specifically, once per quarter), and its decisions are published following each meeting. Statement 2 is correct: The committee consists of six members: three Reserve Bank of India officials and three external members nominated by the government of India. They must keep a "silent period" of seven days before and after the rate decision to ensure "utmost confidentiality". |
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