Organisation and Management of RBI
Reserve Bank of India is managed by the Central Board of Directors. Presently, this board consists of 21 members. Besides Governor and four Deputy Governors, four directors are nominated, each by the four Local Boards. Besides, ten directors and two government officer are nominated by the Government of India. These boards have been established, in Mumbai, Kolkata, Chennai and New Delhi respectively.
According to the Reserve Bank of India Act, the term of nominated members is for 4 years. Governor and Deputy Governors are appointed by the government for a period of 5 years. Central Board of Directors must hold at least one meeting in 3 months. Bank's Head Office is located in Mumbai. The bank has 28 regional offices, most of which are in state capital.
Structure of RBI Organisation:
RBI is wholly owned by the government in India. Central Board of directors oversees the Reserve Bank's Business.
Central Board:
The Central Board has primary authority for the oversight of the Reserve Bank. It delegates specific functions through its committees and sub-committees. It includes the Governor, Deputy Governors and a few Directors of relevant local boards. Currently Dr. Raghuram Rajan is the Governor.
Committee of Central Board Overseas:
The current business of the Central Bank and typically meets every week, on Wednesdays. The agenda focusses on current operations, including approval of the weekly statement of accounts related to the issue and banking departments.
Board of Financial Supervision:
It regulates and supervises Commercial Banks, Non-Banking Finance Companies (NBFCs), development finance institutions, urban Co-operative Banks and primary dealers.
Board for Payment and Settlement Systems:
Regulates and supervises the payment and settlement systems.
Sub-Committees of Central Board:
It includes those on inspection and audit, staff and building. Focus of each sub-committee is on specific areas of operations.
Local Boards:
In Chennai, Kolkata, Mumbai and New Delhi, representing the country's four regions. Local board members appointed by the Central Government for 4 year terms, represent regional and economic interests and the interests of Co-operative and Indigenous Banks.
Training Centres:
The Reserve Bank Staff College at Chennai addresses the training needs of RBI Officers, the College of agricultural banking at Pune trains staff of Co-operative and Commercial Banks, including Regional Rural Banks. The zonal training centres, located at regional offices, train non-executive staff.
Research Institutes:
RBI- funded institutions to advance training and research on banking issues, economic growth and banking technology, such as, National Institution of Bank Management (NIBM) at Pune, Indira Gandhi Institute of Development Research (IGIDR) at Mumbai and Institute for Development and Research in Banking Technology (IDRBT) at Hyderabad.
Subsidiaries:
Fully-owned subsidiaries include National Housing Bank (NHB), Deposit Insurance and Credit Guarantee Corporation (DICGC), Bharatiya Reseve Bank Note Mudran Private Limited (BRBNMPL). The Reserve Bank also has a majority stake in the National Bank of Agriculture and Rural Development (NABARD).
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