What is RBI(Reserve Bank of India)?
RBI is the Central Bank of India which was established on April 1,1935 according to the RBI Act 1934.
Key role of RBI are:
- Banker's bank
- The custodian of foreign reserve
- control of credit
- Manage printing of currency
- supply of currency notes in country
Who appoints RBI governor?
According the rule book, Reserve Bank Of India's Governor is appointed by Prime Minister's Office(PMO)/Central Government.
RBI governor is appointed under the recommendation of union finance minister as per the Section 8(1)(a) of Reserve Bank of India Act,1934.
