Reserve Bank of India – RBI
Reserve Bank of India (RBI) is the supreme monetary authority of India. Important Role & Functions of RBI is to issue currency, Managing Foreign Exchange etc.
Banking in India & Types of Banks
Banking industry in India can be classified into different types of banks. Banking in India is regulated by RBI Act 1934, Banking Regulation Act 1949 & FEMA
National Payments Corporation of India – NPCI
National Payments Corporation of India (NPCI) is an umbrella organization for all retail payment system in India. NPCI was established in 2007 as a “Not for Profit” Company.
Monetary Policy by RBI
RBI controls the supply of money by the monetary policy. Monetary policy is adopted by the Monetary Policy Committee was established in 2016.
Banking & Finance
Bank Money
Baked by Fiat money Easy to transfer Exact amount can be transferred Legally recognized for high value payment Bank Money
Banking & Finance
Evolution of Money
At the beginning, there was no money. People engaged in barter, the exchange of merchandise for merchandise, without value equivalence.