are required to open separate branches to specialise the financing of these industries. . Facilitates Foreign Trade The RBI has simplified the rules for credit to exporters, through which they can now get long term advance from banks. .
Supports Cooperative Sector It helps cooperative banks by relaxing rules and providing indirect financing. The rupee symbol was changed from Rs. to “ ` ” by the Government of India on July , . This became necessary since other countries Indonesia, Mauritius, Nepal, .
Custodian of Foreign Exchange Reserves The RBI maintains a reserve of gold and foreign currencies. When foreign exchange reserves are inadequate for meeting balance of payments problem, it borrows from the International Monetary Fund (IMF). It also administers exchange control of the country and enforces the provisions of Foreign Exchange Management Act, . Development and maintenance of foreign exchange market in India is also the function of RBI.
. Maintenance of Foreign Exchange Rate The RBI manages the exchange value of the rupee in order to facilitate India’s foreign trade and payments. It ensures that normal short-term fluctuations in trade do not affect the exchange rate. .
Collection and Publication of Authentic Data It has also been entrusted with the task of collection and compilation of statistical information relating to banking and other financial sectors of the economy. RBI monthly bulletin, annual report and various committee reports contain treasures of authentic data. (C) Promotional Functions The RBI performs a wide range of promotional functions to support national objectives. .
Nurturing Banking Habits among the Public It is the responsibility of RBI to maintain the public confidence in the banking system. It commerce - - . . PM Achievements of the RBI .
RBI is one of the best central banks in the world. RBI took proactive measures during global economic slowdown in - to save Indian economy. . National Bank for Agriculture and Rural Development (NABARD) was once a subsidiary of RBI.
It is the first of its kind in the entire world. . The demonetisation in - was a grand success because of the leadership