New Delhi. Prime Minister Narendra Modi will address a function organized to commemorate 90 years of the Reserve Bank of India in Mumbai on Monday. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das will also participate in this program. These days Prime Minister Modi is campaigning for the Lok Sabha elections. He is also continuously holding public meetings and telling people about the work done by his government.

This is the history of the Reserve Bank

The Reserve Bank of India (RBI) was established on 1 April 1935 under the Reserve Bank of India Act, 1934 and was nationalized on 1 January 1949. The bank acts as a banker to the Central Government, State Governments, Commercial Banks, and State Co-operative Banks.

RBI plays an important role in maintaining the stability of the exchange value of the rupee and acts as the government's agent concerning India's membership of the International Monetary Fund. The Reserve Bank also carries out various types of developmental and promotional work. Apart from these, the Reserve Bank also handles the loan programs of the Government of India.

In India, the Reserve Bank has the sole authority to issue currency other than one rupee coins and notes. As the agent of the Central Government, the Reserve Bank also circulates one rupee notes and coins as well as smaller coins issued by the government.