No, RBI is not owned by the Indian Bank Association. Reserve Bank of India (RBI) was established through the Reserve Bank of India Act 1934 and it was established on 1st April, 1935. RBI is the Central bank of India and a regulatory body.
RBI is controlled by the Ministry of Finance, Government of India. The Indian banking system is regulated by the RBI. The issue and supply of Indian rupee is the responsibility of RBI. You can read about the RBI – Know More About Reserve Bank of India in the given link.
Further readings:
- Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
- Indian Economy Notes For UPSC
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Related Links |
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SIDBI – Small Industries Development Bank of India & its Functions |
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Banks Board Bureau For Public Sector Banks – Composition, Functions |
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