Idea of Reserve Bank of India (RBI)
The RBI is a crucial national institution and the foundation of the booming Indian economy. It belongs to the IMF (International Monetary Fund) (IMF). The ideas Dr. Ambedkar developed in his book “The Problem of the Rupee – Its Origin and its Solution” served as the foundation for the Reserve Bank of India’s approach. The “Royal Commission on Indian Currency & Finance” made recommendations that led to the establishment of this central banking organization in 1926. The Hilton Young Commission was another name for this body. The Reserve Bank of India was nationalized in 1949 and joined the Asian Clearing Union as a member bank. RBI controls India’s monetary and credit systems. The main goals of the RBI are to maintain public trust in the financial system, safeguard depositor interests, and provide the general public with affordable banking services such as cooperative banking and commercial banking.
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