Reserve Bank Of India
The Reserve Bank of India is the central bank of India, and was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Initially the Central Office of the RBI was in Calcutta, which was later shifted to Mumbai in 1937. The bank creates monetary policy and assists in regulating its financial system. The central board of directors, appointed by the government, leads the bank. The bank is headquartered in Mumbai and has 22 regional offices. Currently the Governor of Reserve Bank of India (RBI) is Y V Reddy on September 5, 2008. The Reserve Bank’s affairs are governed by a central board of directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.