Mamata Banerjee wishes all employees of RBI on its foundation day

Taking to her Twitter handle on the occasion of the RBI's Foundation Day, Banerjee said, “On this day in 1935, Reserve Bank of India was established. Best wishes to all the employees of RBI on this occasion. ”

However, she said, ''We have seen in recent times, how the dignity of this institution was diminished. The sanctity of these high offices must be maintained.''

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.

RBI is India's central banking institution, which controls the monetary policy of the Indian rupee. Following India's independence on August 15, 1947, the RBI was nationalised on January 1, 1949.

The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as: "to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth."

The RBI plays an important part in the Development Strategy of the Central Government. It is a member bank of the Asian Clearing Union. The general superintendence and direction of the RBI is entrusted with the 21-member Central Board of Directors: the Governor, 4 Deputy Governors, 2 Finance Ministry representatives, 10 government-nominated directors to represent important elements of India's economy, and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi.

Each of these local boards consists of 5 members who represent regional interests, the interests of co-operative and indigenous banks.

The Central Bank was an independent apex monetary authority which regulates banks and provides important financial services like storing of foreign exchange reserves, control of inflation, monetary policy report till 2016 August. A Central Bank is known by different names in different countries.

The functions of a Central Bank vary from country to country and are autonomous or quasi-autonomous body and perform or through another agency vital monetary functions in the country.

A central bank is a vital financial apex institution of an economy and the key objects of central banks may differ from country to country still they perform activitie s and functions with the goal of maintaining economic stability and growth of an economy.

The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI).

RBI is also known as banker's bank.