A. Economic Inclusion:
- Utilization of technology: equipment like ATMs, hand-held devices that identify user accounts using a card and biometric identification, deposit-taking machines, Internet banking, and mobile banking capabilities—to make it easier to deliver banking services to all facets of society.
- No Frills Accounts are accounts with no or extremely low minimum balance requirements as well as fees that would make them available to large segments of the public.
B. Currency Issuer:
- The people should get sufficient quantities of high-quality cash in both quantity and quality.
- releases money trades it or destroys unfit-for-circulation coins.
C. Financial Authority:
- In May 2016, the RBI Act of 1934 was amended, providing the legal underpinning for the adoption of the framework for flexible inflation targeting.
- It executes and oversees the monetary policy, promotes price stability, and keeps the goal of growth in mind.
D. Foreign exchange Manager:
- It encourages the orderly growth and upkeep of India’s foreign exchange market and enables payments and commerce with other countries.
- oversees India’s foreign exchange reserves.
- Additionally, it keeps the rupee’s external worth.
E. Financial System Supervisor and Regulator;
- Goals: Preserve public trust in the system, safeguard depositors’ interests, and offer affordable banking services to the general public, including commercial and cooperative banking.
- prescribes broad criteria for banking activities, such as issuing licenses, branch growth, asset liquidity, bank mergers, etc., within which the nation’s banking and the financial system operate.
F. Role in Development:
- In accordance with the guidelines (Priority Sector Lending) periodically issued by the Reserve Bank of India, commercial banks provide loans to small-scale industrial companies.
- makes institutional arrangements for rural or agricultural funding, among other promotional tasks that serve national goals.
Currency Management by Reserve Bank of India (RBI)
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