Reserve Bank of India

The Reserve Bank of India (RBI) is India's central bank. It was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.

Though originally privately owned, since nationalization in 1949, the Reserve Bank is now fully owned by the Government of India.

The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as:
"...to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage."

The RBI stepped in at the end of 2011/beginning of 2012 to stop INR devaluation against USD. The Indian Rupee ended 2011 with a 16% devaluation against the US dollar, bringing the exchange rate above the 53 level. After some interventions in the market and some measures to halt Indian Rupee devaluation, the exchange rate USD/INR returned to levels below 50, also thanks to a weak dollar.

The website of the Reserve Bank of India is
http://www.rbi.org.in

An interesting brochure on RBI's history and functions is also available at:
http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/RBI290410BC.pdf