The Export-Import Bank of India (EXIM Bank India) and the Export Credit Guarantee Corporation of India (ECGC) are supported by refinancing their lending for export purpose. Implementation of the Deposit Insurance Scheme : The RBI has set up the Deposit Insurance Guarantee Corporation in order to protect the deposits of small depositors. It has earlier the Agriculture Refinance and Development Corporation (ARDC) to look after the credit, National Bank for Agriculture and Rural Development (NABARD) and Regional Rural Banks (RRBs). One lakh are insured with this corporation. Issue of Currency Notes : The RBI has the sole right or authority or monopoly of issuing currency notes except one rupee note and coins of smaller denomination. Some of the major development functions of the RBI are maintained below. Provision of Industrial Finance : Rapid industrial growth is the key to faster economic development. The sound and efficient financial system is a precondition of the rapid economic development of the nation. Development of the Financial System : The financial system comprises the financial institutions, financial markets and financial instruments.
Development of Agriculture : In an agrarian economy like ours, the RBI has to provide special attention for the credit need of agriculture and allied activities. The credit policy aims at increasing finance for the agriculture and industrial activities. The RBI can control the volumes of banks reserves and allow other banks to create credit in that proportion. The RBI has set up the bankers' training colleges at several places. It has set up many institutions such as the Deposit Insurance Corporation-1962, UTI-1964, IDBI-1964, NABARD-1982, NHB-1988, etc. These organizations develop and promote banking habits among the people. To avoid this problem, you can be friendly, but set limits and make sure that your staff understands that you are the boss. It performs various banking function such as to accept deposits, taxes and make payments on behalf of the government. It manages government public debts and maintains foreign exchange reserves on behalf of the government.
Fortunately, the Labor and Housing Committee swiftly voted to kill that oppressive bill following the public hearing after hearing strong opposition from the business community. It includes RBI weekly reports, RBI Annual Report, Report on Trend and Progress of Commercial Banks India., etc. This information is made available to the public also at cheaper rates. In this regard the RBI has always been instrumental in setting up special financial institutions such as ICICI Ltd. It has powers to issue license for setting up new banks, to open new braches, to decide minimum reserves, to inspect functioning of commercial banks in India and abroad, and to guide and direct the commercial banks in India. License is also given for opening extension counters, new branches, even to close down existing branches. In order to maintain the exchange rate stability it has to bring demand and supply of the foreign currency (U.S Dollar) close to each other.
As a central bank of the nation the RBI has to look for growth with price stability. These currency notes are legal tender issued by the RBI. It issues these notes against the security of gold bullion, foreign securities, rupee coins, exchange bills and promissory notes and government of India bonds. 2, 5, 10, 20, 50, 100, 500, and 1,000. The RBI has powers not only to issue and withdraw but even to exchange these currency notes for other denominations. Collection of Data : Being the apex monetary authority of the country, the RBI collects process and disseminates statistical data on several topics. Once the decision is made, we owe it to ourselves, our employees, our customers and our suppliers to complete the process in the best possible way. In taking courses which are designed for higher level employees, promotion candidates may not only acquire new skills, but may also be fulfilling specific job prerequisites.