The Reserve Bank of India

Description

The Reserve Bank of India is now 35 years old. Relatively to some of the oldest Central Banks, such as the Riksbank of Sweden and the Bank of England which date back to the 17th century, the Reserve Bank is still a very young institution indeed. However, it is one of the oldest central banks in the developing countries. Its formative years have been eventful. Its efforts to adapt central banking functions and techniques to an economy in which modern banking was neither deep-rooted nor widespread, the special responsibilities including those of exchange control that it was called upon to shoulder with the outbreak of World War II in the very first decade of its existence, its transformation from a privately owned institution to a nationalized undertaking, its new role in the economy with the advent of independence -all these make the Bank’s initial years of special interest. The Bank therefore felt that it would not be too soon for a history of its earlier years to be written. 1 Genesis of Central Banking in India 2 Currency, Exchange and Banking Prior to 1935 3 The Reserve Bank of India Act 4 The Beginnings 5 Early Central Banking Policies and Operations 6 Emerging Role as a Bankers’ Bank 7 First Steps in Agricultural Finance 8 Governors, Government, Board and Shareholders 9 Organisation, Management and Allied Matters 10 The Pattern and Consequences of War Financing 11 War-Time Central Banking Operations 12 Exchange Control 13 Repatriation of Sterling Debt 14 Participation in Post-War Currency Plans 15 Commercial Banking Developments 16 Policies in the Sphere of Agricultural Credit 17 Changes in the Bank’s Organisation and Status 18 The Bank And The Partition 19 International Financial Institutions and Sterling Balances 20 Exchange Control And Management 21 Monetary Management And Allied Issues 22 A Commercial Bank Regulation Act At Last 23 Progress in the Sphere of Agricultural Credit 24 The Bank As An Employer