Describe the Reserve Bank of India’s primary responsibilities. [Answer Limit: 125 words] [UKPSC 2016]
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The Reserve Bank of India (RBI) performs several key functions:
Monetary Authority: It controls the money supply and interest rates to uphold price stability and manage inflation.
Currency issuer: The RBI is responsible for issuing and overseeing currency notes in India to ensure there is enough supply for the economy.
Financial System Regulator: It oversees and governs banks and financial institutions to uphold financial stability and safeguard depositors’ interests.
Management of foreign exchange: The RBI is responsible for overseeing the Foreign Exchange Management Act (FEMA) and monitoring the nation’s foreign exchange reserves.
Role in Development: It facilitates economic growth through lending to agriculture, small businesses, and rural development efforts.
RBI serves as a banker for the government and other banks, aiding in their financial dealings.