The Reserve Bank of India has signed an Memorandum of Understanding (MoU) on ‘Supervisory Cooperation and Exchange of Supervisory Information’ with the Nepal Rastra Bank(NRB). The MoU was signed by Nepal Rastra Bank’s Executive Director Narayan Prasad Paudel and RBI’s Executive Director Meena Hemchandra. With this RBI has signed 27 such MoUs, one Letter for Supervisory Co-operation and one Statement of Co-operation.
Random Facts
- The RBI was established by way of the Reserve Bank of India Act, 1934.
- Coins in India are presently being issued in denominations of 50 paise, one rupee, two rupees, five rupees and ten rupees. Coins up to 50 paise are called ‘small coins’ and coins of Rupee one and above are called ‘Rupee Coins’.
- Banknotes in India are currently being issued in the denomination of ` 10, ` 20, `50, ` 100 ` 500, and `1000. These notes are called banknotes as they are issued by the Reserve Bank of India (Reserve Bank)
- The Reserve Bank can also issue banknotes in the denominations of five thousand rupees and ten thousand rupees, or any other denomination that the Central Government may specify.
- There cannot be banknotes in denominations higher than ten thousand rupees in terms of the current provisions of the Reserve Bank of India Act, 1934.
- Coins can be issued up to the denomination of Rs.1000 in terms of The Coinage Act, 2011.
- RBI was established on the recommendation of Hilton-Young Commission.
- Panther and Palm Tree is the emblem of RBI.
- The first woman Deputy Governor of RBI is Kishori Jayendra Udeshi.
Test Your Knowledge
Who is the current President of Nepal?
