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RBI and the History of Banking in India Based on the report of the Hilton Young Commission, the Reserve Bank of India was established on 1 April 1935. In 1937 the headquarters of RBI was moved from Kolkata to Mumbai. RBI was nationalised in 1949. RBI continued to work as the Central Bank of: a) Burma (till 1948) b) Pakistan (till 1948) c) Kuwait (till 1959) Key Functions of RBI Issuer of Notes - The Reserve Bank of India has the sole right to issue currency notes of various denominations except one rupee notes and coins (which are issued by the Ministry of Finance). Banker to the Government - The second important function of the Reserve Bank is to act as the Banker, Agent and Adviser to the Government of India and states. It performs all the banking functions of the State and Central Government and it also tenders useful advice to the government on matters related to economic and monetary policy. It also manages the public debt of the government. The Banker's Bank - The RBI lend...

The Visvesvaraya Plan: The era of economic planning in India started with Visvesvaraya’s ten-year Plan. Sir M. Visvesvaraya published a book titled “Planned Economy in India” in 1934 wherein he presented a draft to double the national income in a decade. He proposed to shift the labour from the agrarian set up to the industries thereby advocating for democratic capitalism (similar to the USA) with emphasis on industrialization. The National Planning Committee: Rudimentary economic planning, deriving from the sovereign authority of the state, was first initiated in India in 1938 by Congress President Netaji Subhash Chandra Bose, Atul Tiwari, Jawaharlal Nehru who had been persuaded by Meghnad Saha to set up a National Planning Committee. The Bombay Plan: “The Bombay Plan” is the nickname of a 15-year economic plan for India proposed by a group of industrialists and technocrats in January 1944. It was authored by top industrialists such as JRD Tata, GD Birla and Lal Shri Ram. The economis...

International Organisations of Importance The United Nations: It is an international organisation headquartered in New York City, USA and founded in 1945 after the Second World War by 51 countries committed to maintaining international peace and security, developing friendly relations among nations and promoting social progress, better living standards and human rights. The name 'United Nations' was coined by United States President Franklin D. Roosevelt in 1942. There are six official languages of the UN. These are Arabic, Chinese, English, French, Russian and Spanish. The six organs of the United Nations are the General Assembly, the Security Council, the Economic and Social Council, the Trusteeship Council, the International Court of Justice, and the UN Secretariat. The permanent members of the United Nations Security Council are the five sovereign states to whom the UN Charter of 1945 grants a permanent seat: China, France, Russia, the United Kingdom, and the United States....