Reserve Bank of India

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The Reserve Bank of India (RBI) is the central bank of the Republic of India. It was established on 1 April 1935 by the British Raj, with enactment of the Reserve Bank of India Act, 1934. Although, the RBI is owned by the Government of India, the RBI is an autonomous regulatory organisation for the Indian banking and financial system, exercising substantial amount of independence and power over the Indian economy. It is responsible for the issue, supply and control of the Indian rupee. It also manages the country's main payment systems and the foreign exchange under the FEMA Act, 1999. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India (NPCI) to promote and regulate the payment and settlement systems in India. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore (Karnataka; Southern India) and...

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