RBI Demonetization and Operations
The RBI or Reserve Bank of India is central banking service in India, which controls the financial policy of the Indian Rupee. The RBI started their operations on 1st April 1935 in agreement with the Reserve Bank of India Act, 1934. RBI became the nationalized bank on 1st January 1949. Reserve Bank of India is a major part in the development of the Indian Government.
The government of India declares that demonetization of all 500/- and 1000/- banknotes of the Mahatma Gandhi Series on a recommendation of RBI. Demonetisation is a very good move by the Indian Government which helps to fight ills of our society like fake currency notes, black money and corruption. The move is very beneficial to future India.
RBI Bank Services
Reserve Bank has 4 zonal offices at Mumbai, Delhi, Chennai, and Kolkata. Bank has 4 sub-offices and 27 regional offices. The Sub-offices are located in Aizawal, Imphal, Ranchi, Shimla, Gangtok, Srinagar, Agartala, Panaji, Dehradun, Raipur, and Shillong. Regional offices are located in Bangalore, Delhi, Guhawati, Thiruvananthapuram, Kanpur, Kolkata, Jammu, Ahmedabad, Bhubaneshwar, Chennai, Hyderabad, Nagpur, Bhopal, Mumbai, Kolkata, Chandigarh, Kochi, Patna, Dewas, Jaipur, and Lucknow. The Bank deals with all Types of Banks in India.
RBI has 2 training colleges for their officers; Reserve Bank Staff College in Chennai and College of Agricultural Banking in Pune. The Bank has 3 autonomous institutes those are, Indira Gandhi Institute of Development Research (IGIDR), National Institute of Bank Management (NIBM) and Institute for Development and Research in Banking Technology (IDRBT). It has 4 zonal offices located in Chennai, New Delhi, Mumbai, and Kolkata.
Reserve Bank Website: https://www.rbi.org.in