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October 10, 2015 4:34 PM ET

Diversified Financial Services

Company Overview of Reserve Bank of India

Company Overview

Reserve Bank of India regulates the issue of bank notes, maintains reserves to secure monetary stability, and operates the currency and credit system in India. The company also formulates, implements, and monitors the monetary policy; prescribes broad parameters for banking operations within which the country's banking and financial system work; and issues and exchanges or destroys currency and coins not fit for circulation. It also performs various promotional functions to support national objectives; manages the foreign exchange management; and performs merchant banking function for the central and the state governments, as well as acts as their banker. Reserve Bank of India was founded in...

Central Office Building

21st Floor

Shahid Bhagat Singh Marg

Mumbai,  400001


Founded in 1935


91 22 2266 0868


91 22 2266 1784

Key Executives for Reserve Bank of India

Deputy Governor and Director
Age: 65
Deputy Governor
Age: 61
Head of Economic Policy Statistics and Information
Executive Director
Age: 61
Compensation as of Fiscal Year 2015.

Reserve Bank of India Key Developments

Reserve Bank of India Introduces New Features in INR 500 and INR 1,000 Notes

Reserve Bank of India announced that it will shortly put into circulation banknotes in the denominations of INR 500 and INR 1,000 incorporating three new/revised features. The features will include ascending size of numerals in the number panels, bleed lines and enlarged identification mark. The RBI had recently put into circulation R500 banknotes with numerals in ascending size in number panels, but without bleed lines and enlarged identification mark. It has now added two more features to aid the visually impaired in easy identification of banknotes, apart from securing them against counterfeiting. The apex bank said the numerals in both the numbering panels of banknotes will be in ascending size from left to right, while the first three alpha-numeric characters will remain constant in size. The banknotes of INR 500 denomination will have five angular bleed lines in three sets of 2-1-2 lines on the obverse in both, the upper left and the right hand edge of the banknote. Similarly, INR 1,000 banknotes will have six angular bleed lines in four sets of 1-2-2-1 lines on the obverse in both, the upper left and right hand edge of the banknotes. These will facilitate identification of these notes by visually impaired persons.

RBI Imposes Monetary Penalty on Muthoottu Mini Financiers Pvt Ltd

The Reserve Bank of India has imposed a monetary penalty of INR 0.5 million on Muthoottu Mini Financiers Pvt Ltd. under section 58G(1)(b) read with sub-section 5(aa) of section 58B of the RBI Act, 1934 for violation of various directions/orders issued by Reserve Bank of India from time to time. An inspection of the company under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) with reference to its financial position as on March 31, 2013 was conducted during December, 2013. It was observed that several regulatory violations were committed by the company relating to the guidelines on Loan to Value (LTV) ratio pertaining to gold loans, issuance and renewal of Non-Convertible Debentures (NCDs), loans against NCDs, adherence to Fair Practices Code (FPC), disclosures in the balance sheet etc. On account of various contraventions to RBI Directions as pointed out in the inspection, the company was issued a Show Cause Notice (SCN) on July 25, 2014 for imposition of penalty. The company’s response to the SCN was not found to be satisfactory. The company was further accorded a personal hearing by RBI under section 58G (2) of the RBI Act, 1934. After considering the facts of the case and the company’s reply, as also, personal submissions made during the hearing, RBI came to the conclusion that the violations as observed during inspection were of serious nature and were substantiated which warranted imposition of monetary penalty on the company. Accordingly, a penalty of INR 0.5 million has been imposed on the company.

NBFCs Need RBI Approval to Change Shareholding Pattern

NBFCs will need RBI approval when any change in shareholding pattern, which results in acquisition or transfer of shares of over 26% of the paid-up capital, takes place. NBFCs will also require RBI approval for any change in the management that requires a change in more than 30% of directors, excluding independent directors, said RBI in a notification. NBFCs should provide documents pertaining to information on the proposed directors or shareholders and source of funds of these shareholders acquiring the shares. Such shareholders should not be associated with any unincorporated body accepting deposits or with any company, the application for Certificate of Registration (CoR) of which has been rejected by the RBI.

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