Building a technology-driven centralised information management of receipt, processing, production, storage and retrieval of data and its dissemination system based on data warehousing approach. The system provides the decision-makers, analysts and researchers, online and real-time access to a central repository of clean and consistent historical and current data. Standardisation in reporting of financial data under XBRL, which is being integrated with the data warehouse, and is envisaged to be the only platform for receiving and validating the incoming data in due course.
Developing a statistical system for maintaining data quality. Undertaking forward-looking surveys on macroeconomic changes and expectations for monetary policy formulation. Conducting other periodic surveys to fill data gaps on relevant indicators, e. Improving the coverage of studies relating to finances of private corporate sector of the economy.
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Generation of forecasts of macroeconomic variables and related empirical work, including developing a quarterly macro-econometric model for forecasts and policy simulation. Undertaking analytical studies using of various statistical, econometric and operational research techniques which are relevant for the Reserve Bank.
Reserve Bank of India RBI is empowered to impose penalties under various statutes applicable to the banking and financial sector. The core function of the Department is to undertake enforcement action against the entities regulated by RBI on the basis of supervisory reports and regulatory references in an objective and consistent manner, to ensure compliance with regulations within the overarching principle of financial system stability, greater public interest and consumer protection.
In furtherance of the same, a policy for enforcement containing, inter alia, the factors to be considered for determining the materiality of the violations and for determining the amount of penalty has been framed with the approval of the Board for Financial Supervision. Subsequently, enforcement work pertaining to Co-operative Banks, under the B.
Presently, a three-member Committee of Executive Directors adjudicates the matter and passes a speaking order. The details of the enforcement action are provided through Press Releases and in various publications of RBI. Currently, the laws enabling RBI to undertake enforcement action empower it to impose monetary penalty only on the regulated entities and not on the individuals in-charge of the entities or responsible for the violations.
It also needs to be noted that the enforcement process is not a mechanism for customer grievance redressal. However, complaints involving violations of regulations are examined for possible enforcement action based on scrutiny findings by the concerned supervisory department. Financial Inclusion and Development Department. Financial inclusion and development role of the Reserve Bank envisages formulating policies to make credit available to productive sectors of the economy including rural and Micro, Small and Medium Enterprises MSME sectors.
Promoting financial education and financial literacy are the current focus of the function and encapsulates the renewed national focus on Financial Inclusion. The functions of the Department in brief are:. To formulate macro policy to strengthen credit flow to the priority sectors.
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To ensure that priority sector lending becomes a tool for banks to capture untapped business opportunities among financially excluded sections of the society. To step up credit flow to MSME sector and to rehabilitate sick units through timely credit support. To strengthen institutional arrangement, such as, state level bankers committee and Lead Bank Scheme to facilitate these objectives. The Department conducts operations in the money, government securities and forex markets.
As a part of this responsibility, FMOD also undertakes analysis of various market segments and provides inputs to the top management for informed decision making. The reference rate can be viewed here.
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The primary activities of the department include:. Regulation and development of the money, government securities, foreign exchange markets and related derivative markets;. Regulation and supervision of financial benchmarks for interest rates and foreign exchange markets;. Development work related to financial market infrastructure for the money, government securities, foreign exchange markets and related derivative markets, including trade repository for over-the-counter OTC derivative transactions;. Keeping in view both international and domestic initiatives for resolving financial crisis and strengthening international financial architecture, the Financial Stability Unit FSU was set up in July The main functions of FSU are:.
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Conduct of macro-prudential surveillance of the financial system on an ongoing basis. Development of a time series of a core set of financial indicators. The objective of the new dispensation is to facilitate external trade and payments and promote orderly development and smooth conduct of foreign exchange market in India.
Since the procedures have been simplified and powers have been delegated to the Authorised Persons under the FEMA, , the role of the Foreign Exchange Department is minimum so far as individual citizens are concerned.
Persons resident in India have to simply approach the Authorised Persons for their foreign exchange needs. Guided by the Current Account Rules notified, from time to time by the Government of India and Capital Account Regulations notified by the Reserve Bank, the Authorised Persons will facilitate foreign exchange transactions of individuals. Under compounding the contravener has the option of voluntarily admitting to the contravention, pleading guilty and seeking redressal.
The process provides comfort to individuals and corporates that have inadvertently contravened FEMA while taking serious view of wilful, mala fide and fraudulent transactions. Human Resource Management Department HRMD essentially facilitates the Reserve Bank's central banking activities by i creating an enabling environment to enhance the efficiency of the organisation ii drawing out from the staff the very best by a system of proper placements, incentives, and iii creating an atmosphere of trust, a certain security of expectations and a feeling that the organisation cares about the well being and personal aspirations of the staff.
This helps align personal aspirations of the staff with professional goals and helps enhance efficiency in the organisation. Inspection Department was set up in when the Reserve Bank of India commenced its operations. The Internal Audit function constitutes a key dimension in the Reserve Bank's governance architecture. Under the Risk Based Internal Audit RBIA , the Inspection Department provides independent and objective opinion to the management on whether or not the Reserve Bank's business processes and risks are being properly managed.
The RBIA reviews the outcomes of all other audits. As a part of internal control mechanism, all the business units are required to get their transactions mainly financial transactions audited by external chartered accountant firms, concurrently with the occurrence of such transactions.
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All business units are required to conduct CSAA at least twice in a year, that is, for the half-year ended June and December every year. The Department undertakes off-site monitoring as well as on-site evaluation, wherever necessary. Off-site monitoring is undertaken by obtaining periodical returns from business units, analysing them and initiating follow-up as deemed appropriate.
Building a robust institutional framework of primary dealers PDs. Government Borrowing: To manage market borrowing programmes of the Government of India including preparing an issuance calendar in consultation with the Government of India , all State Governments and the Union Territory of Puducherry.
The function involves choosing the instrument and tenor, manage the auctioning process and monitoring State and Central cash balances. Please help improve it or discuss these issues on the talk page. Learn how and when to remove these template messages. This article may contain excessive or inappropriate references to self-published sources.
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Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Traded as. Mohan Chairman [2] Dr. Operating income. Net income. Banks portal. The Economic Times. Application Fee: 1. To Apply Online: Click Here. Important Dates: 1. The Online Examination, if conducted, may be tentatively held on For Official Notification: Click Here. Tags: banking exams employment news freshers job government recruitment job at glance jobs for freshers jobs without experiences latest bank jobs latest government job latest job notification latest job vacancies latest vacancies latest walk in interview recruitment sarkari job latest UBI Recruitment December for Various Posts union bank of india recruitment union bank of india recruitment Jenny Lai is the most experience content writer of job Thiminasi.