RESERVE BANK OF INDIA
It is the central bank of the country. It was first establish on April 1, 1935 with a capital of Rs. 5 crore, this capital of 5 crore was divided in to 5 lakh equity shares of Rs 100 each. In the beginning the ownership of almost all the share capital was with non governmental share holders.
Ist governer – sir smith (1935-37)
Ist indian governer – C.D. Deshmukh
Functions of RBI:
Issue of notes.
Bankers to the Government.
Custodian of foreign reserves.
It formulates and administers the monetary policy.