RBI Timeline (1935–Present)

This timeline will help in quick revision of important dates and events related to the RBI and banking in India.

1930s and 1940s

• Apr 1, 1935: RBI established in Calcutta; operations begin.
• 1937: Headquarters move to Bombay.
• Jan 1938: First RBI notes issued (₹5, ₹10).
• 1942–1945: WWII financing; security threads added to notes (1944).
• Jan 12, 1946: First demonetization (₹500, ₹1000, ₹10,000 notes).
• Aug 15, 1947: Indian Independence; RBI serves a sovereign India.
• Apr 1947: RBI ceases central bank role for Burma.
• Jun 30, 1948: RBI stops functioning for Pakistan.
• Jan 1, 1949: RBI nationalized; Banking Regulation Act enacted.

1950s and 1960s

• 1951: First Five-Year Plan support begins; Agricultural Credit Department set up.
• Jul 1, 1955: Imperial Bank nationalized; renamed State Bank of India (SBI).
• 1956: Focus on industrial finance via government institutions (e.g., LIC nationalized).
• 1962: Deposit Insurance Corporation established to protect depositors.
• 1965: Cooperative banks partly brought under RBI supervision.
• Late 1960s: “Social control” measures implemented over banks.
• Jul 19, 1969: 14 major commercial banks nationalized (Phase I).

1970s and 1980s

• Feb 1970: Lead Bank Scheme launched for district-level banking coordination.
• 1971: Credit Guarantee Corp established (later merged into DICGC in 1978).
• 1975: Regional Rural Banks (RRBs) created for rural areas.
• Apr 15, 1980: Six more commercial banks nationalized (Phase II).
• 1982: NABARD and EXIM Bank established; RBI transfers agricultural credit role to NABARD.
• Apr 1985: Chakravarty Committee Report leads to monetary policy shifts.
• 1986–88: Money market reforms; new instruments (182-day T-bills, CPs, CDs) introduced. DFHI established.
• 1987: MICR cheque clearing system introduced in major cities.
• Jan 1988: National Housing Bank (NHB) set up as an RBI subsidiary.
• 1988: SEBI formed (non-statutory) to regulate capital markets, allowing RBI focus on money markets.

1990s

• Jul 1991: Economic liberalization begins; RBI manages balance of payments crisis.
• 1991–92: Narasimham Committee I reforms implemented: CRR/SLR reduced; new private banks licensed (1993–94).
• 1992: SEBI strengthened after market scam; RBI supports through STCI formation.
• 1993: Exchange rate unified into market-determined “managed float”.
• 1994: Board for Financial Supervision (BFS) established; Debt Recovery Tribunals (DRTs) set up.
• 1994–95: Interest rates significantly deregulated.
• 1997: Automatic monetization of deficit ends (major autonomy milestone); informal technical advisory committee for policy formed; Tarapore Committee on CAC reports.
• 1998: Narasimham Committee II recommendations considered; RBI manages sanctions with Resurgent India Bonds.
• 1999: FEMA enacted, replacing strict FERA; focuses on forex management.

2000s

• 2000: Y2K successfully managed; coordination on debt market development.
• 2002: SARFAESI Act passed; RBI facilitates creation of ARCs to manage bad loans.
• 2003: FRBM Act passed, legally ending government’s direct borrowing from RBI.
• 2004: RTGS system launched for instantaneous high-value payments.
• 2005–06: Repo rate established as main policy signal rate.
• 2006: Second Tarapore Committee report on capital account convertibility.
• 2007: PSS Act enacted, giving RBI explicit regulatory oversight of all payment systems.
• 2008: Global Financial Crisis response: RBI cuts rates (repo/CRR), infuses massive liquidity, and manages forex stability, effectively mitigating crisis impact on India.

2010s

• 2010: Financial Stability Unit created; first Financial Stability Report released.
• Oct 2011: Savings account interest rates deregulated.
• 2013: Rupee stabilized during “taper tantrum” using FCNR(B) swaps and MSF rate adjustments.
• 2014: New universal bank licenses issued (IDFC, Bandhan); guidelines for Payments Banks and Small Finance Banks released. Urjit Patel Committee proposes inflation targeting.
• Feb 2015: Government and RBI agree to target 4% CPI inflation (±2%).
• May 2016: RBI Act amended for statutory Monetary Policy Committee (MPC).
• Oct 4, 2016: First MPC meeting; collective rate decision.
• Nov 8, 2016: Demonetization of ₹500/₹1000 notes announced; RBI manages remonetisation and liquidity crunch.
• 2017: Banking Regulation Act amended to empower RBI on NPA resolution (IBC referrals); SBI merges with associate banks.
• 2018: Interest rate hike cycle begins; Governor Urjit Patel resigns; Shaktikanta Das appointed new Governor.
• 2019: Bimal Jalan Committee ECF adopted; record ₹1.76 lakh crore surplus transferred to Government; HFC regulation shifted to RBI.

2020s

• 2020: COVID-19 response: massive rate cuts (repo to 4%), loan moratoriums, TLTROs, liquidity injections (over ₹10 lakh crore); RBI gets greater powers over cooperative banks via BR Act amendments.
• 2021: Policy continuity; inflation target renewed (4% ±2% for 2021-2026); Retail Direct Scheme launched.
• 2022: Shifts focus to inflation fight: repo rate hiked multiple times; FX interventions; Digital Rupee (CBDC) pilots launched.
• 2023: Repo rate peaks at 6.5%, then pauses; banking system stable amidst global turmoil; climate risk frameworks introduced; Governor Shaktikanta Das named ‘Governor of the Year’.
• Apr 1, 2025: RBI marks its 90th Anniversary.