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FDI

Sat 29 May, 2021

Why in news ?

  • Recently, the Reserve Bank of India (RBI) released its Annual Report for 2020-21.
  • The rupee strengthened by 3.5% against the US dollar (at end-March 2021 over end-March 2020) but underperformed vis-a-vis other Asian countries during 2020-21.
  • The Covid-19 pandemic increased the proliferation of digital modes of payments

Static 

  • Recommended by Hilton Young Commission(1926).
  • Established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
  • The Central Office was initially established in Calcutta but was permanently moved to Mumbai in 1937.
  • Prior to establishment of RBI, the functions of a central bank were virtually being done by the Imperial Bank of India.RBI started its operations from April 1, 1935.It was established via the RBI Act 1934, so it is also known as a statutory bodyOriginal headquarter of RBI was on Kolkata, but in 1937, was shifted to Shahid Bhagat Singh Marg, Mumbai.First Governor of Reserve Bank of India(RBI) : Osborne SmithFirst India Governor of RBI : C D Deshmukh[3rd]The first woman to become the deputy governor of RBI is K. J. Udeshi. She was appointed in 2003.First Deputy Governor of Reserve Bank of India(RBI) : James B. Taylor