Reserve Bank of India

Reserve Bank of India भारतीय रिज़र्व बैंक
Seal of RBI
Headquarters	Mumbai, Maharashtra
Established	1 April 1935
Governor	Duvvuri Subbarao
Central bank of	India
Currency	Indian rupee
ISO 4217 Code	INR
Reserves	US$30,210 crore (US$302.1 billion)
Base borrowing rate	8.50%
Base deposit rate	6.00%
Website	http://www.rbi.org.in

The Reserve Bank of India (RBI) ( भारतीय रिज़र्व बैंक) is the central banking institution of India and controls the monetary policy of the Indian rupee as well as US$30,210 crore (US$302.1 billion) of currency reserves (in 2011 dollars as of 2011). The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934. The share capital was divided into shares of 100 each fully paid which was entirely owned by private shareholders in the beginning. Reserve Bank of India plays an important part in the development strategy of the government. It is a member bank of the Asian Clearing Union. Reserve Bank of India was nationalised in the year 1949. The general superintendence and direction of the Bank is entrusted to Central Board of Directors of 20 members, the Governor and four Deputy Governors, one Government official from the Ministry of Finance, ten nominated Directors by the Government to give representation to important elements in the economic life of the country, and four nominated Directors by the Central Government to represent the four local Boards with the headquarters at Mumbai, Kolkata, Chennai and New Delhi. Local Boards consist of five members each Central Government appointed for a term of four years to represent territorial and economic interests and the interests of co-operative and indigenous banks.