look news india
Prime Minister Narendra Modi will address a function organized to commemorate 90 years of the Reserve Bank of India in Mumbai on Monday. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das will also participate in the program. Prime Minister Modi is currently campaigning for the Lok Sabha elections. He is also continuously holding public meetings and telling people about the work done by his government.
PM Modi's Mumbai visit
The Reserve Bank of India (RBI) was established on 1 April 1935 under the Reserve Bank of India Act, 1934 and was nationalized on 1 January 1949. The Bank acts as a banker to the Central Government, State Governments, Commercial Banks, State Co-operative Banks. RBI plays an important role in maintaining the stability of the exchange rate of the rupee and acts as the government's agent with respect to India's membership in the International Monetary Fund. The Reserve Bank also undertakes various developmental and promotional activities. Apart from these, the Reserve Bank also manages the loan programs of the Government of India.
In India, the Reserve Bank has the sole authority to issue currency other than one rupee coins and notes. As the agent of the Central Government, the Reserve Bank issues one rupee notes and coins as well as small coins issued by the government. prevails ,