Overview of Reserve Bank of India (RBI) Functions and Responsibilities
The Reserve Bank of India (RBI) plays a crucial role in the country's financial system as the central bank. Established in 1935, its key functions include monetary management, regulating the financial system, managing foreign exchange reserves, issuing currency, and promoting national objectives through various developmental roles. RBI interacts with the public through services like currency exchange and plays a pivotal role in ensuring financial stability and economic growth in India.
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RTI Act in RBI HRMD-C.O - RIA Division
2 The Institution Central Bank of the Country Established in 1935 Statutory Organization Central Office in Mumbai
Organisational Chart Class I - 7233 3 Central Board Total Staff 15854 Governor Class III 3756 Class IV 4865 DeputyGovernors (4) Executive Directors Fully Owned Subsidiaries (3) 31 Central Office Department Training 30 Regional Offices Establishments (6)
Main Functions of RBI 4 Established : under the RBI Act 1934 on 1st April 1935 Objective : Ensuring Monetary Stability and operating the currency and credit system of the country to its advantage Main Functions Monetary Management: Formulates, implements and monitors the monetary policy. Objective: maintaining price stability and ensuring adequate flow of credit to productive sectors.
Main Functions of RBI 5 Regulator and supervisor of the financial system: Regulation and supervision of the banking and non- banking financial institutions Objective: maintain public confidence in the system, protect depositors' interest and ensuring cost-effective banking services to the public. Manager of Foreign Exchange Reserves Foreign Exchange Management Act, 1999. Current and Capital account management Objective: to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.
Main Functions of RBI 6 Issuer of currency: Issues and exchanges currency notes and coins and destroys currency and coins not fit for circulation. Objective: to give the public adequate supplies of currency notes and coins in good quality. Related Functions Banker to the Government: Both central and the state governments and also their debt manager. Banker to banks: maintains banking accounts of all scheduled banks.
Main Functions of RBI 7 Developmental role Performs a wide range of promotional functions to support national objectives. Bringing out various publications Research and Statistics Financial Inclusion and Financial Literacy Customer Protection
Areas of Public Interaction 8 Issue Department Exchange of Notes and Coins Banking Department Government Payments & Receipts Customer Education & Protection Department / Banking Ombudsmen Redressal of bank customer grievances Foreign Exchange Department grant of approvals in cases beyond the powers of the banks ( Authorised Dealers) Compounding of FEMA contravention
Dissemination of information to the public 9 The principal goals of Reserve Bank s communication strategy are: Transparency for strengthening accountability and credibility Clarity on the Reserve Bank s role and responsibilities with regard to its multiple objectives Managing expectations and promoting two-way flow of information/ perceptions Dissemination of information, statistics and research at various frequencies
Dissemination of information to the public 10 Dissemination of information takes place through press releases, notifications, publications - regular and occasional - advertisements in print, AIR, TV, FM channels and also through participation in exhibitions. Speeches, press and video conferences with national and regional media .
Dissemination of information to the public 11 Significantly, the Reserve Bank uses its website as a major channel for two-way communication.
Dissemination of information to the public 12 The Reserve Bank of India communicates with various types of audiences. Information useful to the common person is released in 11 regional languages on its web- site including in English and Hindi.
RTI in RBI 13 RTI Act enacted in 2005 Initially a centralised approach with one CPIO in the rank of Executive Director Deputy Governor was designated as Appellate Authority All applications replied to by a single CPIO This approach was in place till November 2009.
RTI in RBI 14 RBI has over 30 Regional Offices and 31 Central Office Departments From November 2009 Decentralised approach adopted All the CGMs-In-Charge of the Central Office Departments and Banking Ombudsman ( from 2011) designated as CPIOs. We have today 44 CPIOs in the Bank. Executive Director is designated as Appellate Authority under the RTI Act Only one AA.
RTI in RBI 15 RBI has aligned itself to the online RTI portal of the Govt. of India from February 27, 2015 Right to Information Division in Mumbai acts as a nodal point for all the RTI requests received in the Bank. RTI applications are forwarded to the concerned department through the portal. CPIOs are directly replying to the requestor and replies also uploaded on the portal. Requests received outside the portal also entered into the portal and replies uploaded in the portal for better MIS.
Facts & Figures 16 Till date we have received more than 57,700 requests No. of appeals to the FAA till date is more than 8,700 CIC has considered around 1000 second appeals and in about 80% of the cases, it has endorsed the decisions of the CPIOs/ AA.
Feedback Received 17 The CIC in one of its decision had remarked that : As a public authority the record of the RBI has been impeccable and the requirements of the RTI Act has been taken very seriously . A member of the Board of Directors of the Bank had in a meeting of the CCB remarked that the queries under the RTI Act have been handled in a timely and professional manner by the department. The director complimented the team.
Commonly sought information 18 Banking Supervision Copies of scrutiny reports, show cause notices issued to banks, their reply and all related correspondence and file notings etc leading to imposition of various penalties by RBI for violations of its directives and Statute. List of names and other details of top NPA accounts/defaulters/ stressed assets/ and other data and returns received by DBS under CRILC and OSMOS particularly pertaining to NPAs, write offs, advances, profits etc Copies of Annual Financial Inspection reports , compliance received from banks pertaining to these Reports and related correspondence. Queries and details pertaining to frauds reported by banks and action taken against banks
Commonly sought information 19 Banking Regulation (I) Rate of Interest charged by banks. (II) Various charges levied on the bank accounts. (III) List of willful defaulters. (IV) Know Your Customer (KYC) guidelines. (V) Minimum Balance to be maintained in accounts.
Commonly sought information 20 Customer Service and Customer Protection Queries pertaining to action taken on complaints and all related notings/ correspondence. Mechanism and procedure for grievance redressal
Improvements brought about 21 More suo moto disclosure on the Disclosure Log More frequent updates of the Disclosure Log All circulars , press releases , details of penalty imposed , directions issued to banks placed on the web-site. Such information to the extent required also put in the newspapers having wide circulation. The Reserve Bank of India (RBI) has set up an online "Application Tracking System" for a common person to submit and track the status of the submitted Application. The common man can lodge a complaint against deficiency in banking servicse or by any of the RBI department or office online through the RBI website. A web-site called as Sachet launched recently.
Improvements brought about - SACHET 22 Recently, the Reserve Bank of India(RBI) launched an online website, Sachet, to enable public to get information regarding entities who can accept deposits , to lodge complaints and share information regarding illegal acceptance of deposits / collection of money (www.sachet.rbi.org.in). While the website is managed by RBI, all financial sector regulators and law enforcement agencies of different states have come together for this. Sachet allows individuals to file a complaint on a common platform where the regulator concerned can process it, even if the individual is not aware of the regulator for a particular company.
Method Adopted for Quick Disposal of RTI requests 23 All applications are disposed within 30 days. Shift to a decentralized set up in November 2009 - All the CGM-In-Charges of the CODs designated as CPIOs. An ED was designated as Appellate Authority In 2011 Banking Ombudsmen were designated as CPIOs. RBI has aligned itself to the online RTI portal of the Govt of India from February 27, 2015 - the first institution within the banking sector and among the regulatory agencies to provide applicants a platform for lodging requests and appeals online as also payment of requisites fees online while seeking information.
Steps taken for greater transparency Section 4 24 All the information required to be disclosed under Section 4 has been disclosed on the RBI web site . The information contained therein is also updated regularly. The Bank has also appointed a Transparency Officer. The various manuals / rules / regulations of the Bank are available on the web site.
Year wise number of RTI applications received 25 No of RTI Number of First appeals Year applications Oct . 2005- June 2006 796 74 July 2006- June 2007 July 2007- June 2008 July 2008- June 2009 July 2009- June 2010 July 2010-June 2011 July 2011-June 2012 July 2012-June 2013 June 2013-July 2014 June 2014-July 2015 July 2015-June 2016 2163 2455 3333 4350 5087 6426 6276 7041 8044 11,758 393 493 550 795 877 1030 917 1130 1021 1476 57729 8756
Way Forward 26 Improving the Disclosure Log on the web-site Holding more training programme for staff on RTI matters Use of Mass Media for Increasing Public Awareness so that people don t fall prey to various banking related frauds and ensure Customer Protection.
27 Thank You
