Reserve Bank of India Act was passed in 1934 and The Reserve Bank of India was established in the year 1935. Section 7 of The Reserve Bank of India Act 1935 deals with the management of the bank' this section empowers the central government to give direction to Reserve Bank of India (RBI). Which is considered necessary in the interest of the public.
Section 7 of The Reserve Bank of India Act 1935 runs as follows -
(1) The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interests.
(2) Subject to any such directions, the general superintendence and direction of the affairs and business of the Bank shall be entrusted to a Central Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Bank.
(3) Save as otherwise provided in regulations made by the Central Board, the Governor and in his absence the Deputy Governor nominated by him in his behalf, shall also have powers of general superintendence and direction of the affairs and the business of the Bank, and may exercise all powers and do all acts and things which may be exercised or done by the Bank.
1. Inspection (Section 35 )of Banking companies by Reserve Bank of India (RBI)
2. Classification of Commercial Banks
3. Departments of Reserve Bank of India
4. Audit (Section 30) under the Banking Regulation Act 1949
5. Commercial Bank: Primary, Secondary and Modern Functions of Commercial Bank
Management of Reserve Bank of India -
(1) The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interests.
(2) Subject to any such directions, the general superintendence and direction of the affairs and business of the Bank shall be entrusted to a Central Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Bank.
(3) Save as otherwise provided in regulations made by the Central Board, the Governor and in his absence the Deputy Governor nominated by him in his behalf, shall also have powers of general superintendence and direction of the affairs and the business of the Bank, and may exercise all powers and do all acts and things which may be exercised or done by the Bank.
See also...
1. Inspection (Section 35 )of Banking companies by Reserve Bank of India (RBI)
2. Classification of Commercial Banks
3. Departments of Reserve Bank of India
4. Audit (Section 30) under the Banking Regulation Act 1949
5. Commercial Bank: Primary, Secondary and Modern Functions of Commercial Bank
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