Banking Awareness : Reserve Bank of India Subsidiary

Hello Readers, Today at LOUD STUDY, we will deal with the topic Reserve Bank of India Subsidiary

Reserve Bank of India Subsidiary is an important topic keeping in mind about different questions asked in various government and banking sector exams either it be IBPS, RBI and RRB

RBI Subsidiaries generally refers to the companies which are fully owned by Reserve Bank of India

Mainly 3 companies are there which form RBI Subsidiaries :

• Deposit Insurance and Credit Guarantee Corporation ( DICGC )
• Bharatiya Reserve Bank Note Mudran Private Limited(BRBNMPL)
• National Housing Bank ( NHB )

The Deposit Insurance Corporation (DIC) Bill was introduced in the Parliament on August 21, 1961, After it was passed by the Parliament, the Bill got the assent of the President on December 7, 1961 and the Deposit Insurance Act, 1961 came into force on January 1, 1962

Further, the Government of India, in consultation with the Reserve Bank of India, introduced a Credit Guarantee Scheme in July 1960

The Reserve Bank of India also promoted a public limited company on January 14, 1971, named the Credit Guarantee Corporation of India Ltd. (CGCI)

With a view to integrating the functions of deposit insurance and credit guarantee, the above two organizations (DIC & CGCI) were merged and the present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence on July 15, 1978

Consequently, the title of Deposit Insurance Act, 1961 was changed to 'The Deposit Insurance and Credit Guarantee Corporation Act, 1961

Functions : To contribute to financial stability by securing public confidence in the banking system through provision of deposit insurance, particularly for the benefit of the small depositors

Headquarter : Mumbai

Insurance Coverage : 1,00,000/- with effect from 1st May 1993 onwards

Chairman : Shri. B.P.Kanungo ( Deputy Governor, RBI ) Nominated by the Reserve Bank of India

Directors : Smt. Malvika Sinha ( Executive Director, RBI) Nominated by RBI

Dr. Shashank Saksena  and Dr. Harsh Kumar Bhanwala, Nominated by Central Govt

Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) was established by Reserve Bank of India (RBI) as its wholly owned subsidiary on 3rd February 1995 with a view to augmenting the production of bank notes in India to enable the RBI to bridge the gap between the supply and demand for bank notes in the country

The BRBNMPL has been registered as a Private Limited Company under the Companies Act 1956

Registered and Corporate Office situated at Bengaluru

Headquarter : Bengaluru

The company manages 2 note printing Presses one at Mysore in Karnataka and the other at Salboni in West Bengal

National Housing Bank ( NHB ) was set up on July 9, 1988, under the National Housing Bank Act, 1987

NHB headquarter is in New Delhi

Mainly, NHB works for housing loans and the finance market in India

Currently, MD & CEO of National Housing Bank is Shri Sriram Kalyanaraman

At last, A special thanks to choose LOUD STUDY.

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