2016-04-01 Fri

The Reserve Bank of India or the central bank of the country was established as per The Reserve Bank of India Act, 1934 (II of 1934). It commenced operations on this day - April 1st in the year 1935.

The Bank was established to mainly perform the following functions:

Regulate the issue of banknotes

Maintain reserves with a view to securing monetary stability and

To operate the credit and currency system of the country to its advantage.

The Bank began its operations by taking over from the Government the functions which were then performed by the Controller of Currency, Imperial Bank of India, the management of Government accounts and public debt. The existing currency offices at Calcutta, Bombay, Madras, Rangoon, Karachi, Lahore and Cawnpore (Kanpur) became branches of the Issue Department. Offices of the Banking Department were established in Calcutta, Bombay, Madras, Delhi and Rangoon.

Stamps, banknotes and coins have been issued by India featuring the RBI logo.