The Reserve Bank of India (RBI, भारतीय रिज़र्व बैंक) 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. The Central Office of the Reserve Bank was initially
established in Calcutta but was permanently moved to Mumbai in
1937. Though originally privately owned, RBI has been fully
owned by the Government of India since nationalization in 1949.
Duvvuri Subbarao who succeeded Y. Venugopal Reddy on September
2, 2008 is the current Governor of RBI. The Reserve Bank of
India was set up on the recommendations of the Hilton Young
Commission. The commission submitted its report in the year
1926, though the bank was not set up for nine years. 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