RBI : Subsidiary Organizations

Our all powerful Reserve Bank of India has got 3 subsidiaries i.e. RBI paid the whole paid up capital for these organizations. They are:

1. National Housing Bank
2. Deposit Credit and Guarantee Corporation
3. Bharatiya Reserve Bank Note Mudran Private Limited
   

1. National Housing Bank:

The idea was first thought of during the period of Seventh five year plan (1985-90) and a committee was set up under the chairmanship of Dr C Rangrajan to develop the idea

• NHB came into existence on 9^th July, 1988 as the apex body for housing finance in the country
  
• It aims to provide long term finance to all segments of the society so that everybody can own a house
• The organization is headquartered in New Delhi
• Apart from finance for housing, it gives money buying for housing materials, regulates the housing finance institutions, facilitates acquisition of land from public organizations
• Shri Sriram Kalyanraman has recently been appointed as the new MD & CEO of the bank

2. Deposit Insurance and Credit Guarantee Corporation:

• Oldest of the three subsidiaries
  
• DICGC came into existence in 1978 after the Credit Corporation of India (formed in 1971) and Deposit Corporation of India (formed in 1961) were merged together
• It aims to provide insurance cover to all the deposits maintained in banks (both commercial and cooperative) up to a limit of 100000/- per individual.
• State/central govt deposits, Foreign govt deposits, interbank deposits are excluded. The banks pay the premium for the insurance cover
• It also provides credit guarantee to banks for giving loans to priority sector as notified by RBI (Housing loans are excluded)
• The corporation is headed by a governing body consisting of chairman (usually a deputy governor of RBI) and directors from RBI, Central govt nominated members. At present, R Gandhi is the chairman

3. Bharatiya Reserve Bank Note Mudran Private Limited :

• Established in 1995 by RBI
  
• The objective is to supply bank notes according to the demand of the public
• Headquartered in Bangalore and manages two presses: One in Mysore, Karnataka and another in Salboni, West Bengal
• The chairman at present is R Gandhi who is assisted by Kaza Sudhakar who is the MD of the company. Apart from that, there are directors from various fields in the governing body

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