PROJECT ONRBI

BY GROUP NUMBER 4

Brief Description Of RBI•RBI stands for Reserve Bank of India and is India’s Central Bank.

•It formulates India’s monetary policy with regard to Indian Rupee.

•Established on- 1 April 1935 during the British Raj.

•It was established to respond to the economic troubles after the first world war.

•It was nationalized in the year 1949.

On 6 August 2013, Prime Minister Dr. Manmohan Singh approved appointment of Raghuram Rajan as RBI Governor of India.

Important Roles of RBI•Legal issuer of currency.

•Bank to banks: maintains bank accounts of the different banks in India.

•Regulator and supervisor of the financial system of India.

•Manager of exchange control.

•Banker to the government.

Role of RBI in Economic Development

•Development of banking system.

•Development of financial institutions.

•Economic stability.

•Economic growth.

•Miscellaneous.

Role of IT in RBIIT plays important role in the development of RBI in many ways like:

•Computers are being used to manage a large amount of data.

•Internet is being used by RBI to make people aware about many traps.(Website link: www.rbi.org.in)

•On the official website of RBI, we can make complaints on many topics.

•RBI has also provided the security features of different Rupees Notes on its official website.

•Public can file an application to the RBI on the website.

In Short, RBI has provided such facilities to make the work to be done with ease.

THIS IS A VIEW OF THE OFFICIAL WEBSITE OF RBI

Click on Contact UsTo make complaints

You will be directed to a link like this and here you canmake complaintsregarding the topics given in department

column.

Click on any blue link given above to search for information on traps.

You can drag down the pageto find more

You can view FAQs to solve your problem

HOW IT HELPED RBIAS WELL OTHER BANKS

IN INDIAIT implementation has developed banks and their services in many ways to make the work for them as well as for the customers to be done with comfort and some are mentioned below:

•Banks have implemented Core Banking system across all their branches..

•Filing of returns by banks through the Online Line Return Filing System (ORFS) which has commenced is poised to make the process of submission of data to the Reserve Bank less cumbersome.

•Facilitating banks in implementing systems which would provide for Anti-Money Laundering (AML).

•Introduction of new delivery channels like Internet Banking, Mobile Banking, Mobile Automated Teller Machines (ATMs) , Multi-functional ATMs, shared ATM services and many more.

MOBILEBANKING

ATM

MULTI-FUNCTIONAL ATM

A multi-function ATM provides services in addition to cash withdrawal,

such as passbook printing, cash deposit with verification, and video surveillance.

While the layout is the same as a basic ATM, more peripherals are required, and the

system must be able to handle greater computing and communication demands.

Sources:www.google.co.in

www.wikipedia.org

www.rbi.org.in