Banking Awareness: Departments in RBI and Hierarchy of Central Board of Members for Banking Exams and Interviews

Departments of RBI

i) Department of Currency Management:

It has the responsibility of administering the functions of currency management, a core function of the Reserve Bank in terms of the Reserve Bank of India Act, 1934.

ii ) Department of Banking Operations and Development:

It is entrusted with the responsibility of regulation of Commercial Banks under the regulatory provisions contained in the BR Act, 1949 and RBI Act, 1934 beside enunciation of banking policies.

iii ) Rural Planning and Credit Department:

It formulates policies relating to rural credit and monitors timely and adequate flow of credit to the rural population for agricultural activities and rural employment programmes.

iv ) Foreign Exchange Department:

With the introduction of the Foreign Exchange Management Act, 1999 (FEMA) with effect from 1st June, 2000, the objective of the Foreign Exchange Department has shifted from conservation of foreign exchange to facilitating external trade and payment and promoting the orderly development and maintenance of foreign exchange market in India.

v ) Inspection Department:

This Department would act as the eyes and ears of the top management and discharge its duties with utmost professionalism as the principal provider of independent and objective feedback on the working of the bank to the top management to enable it to ensure that the organisation functions efficiently and effectively.

Hierarchy of Central Board of Members: