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Reserve Bank of India reaches 1 million Twitter followers; first central financial institution globally to hit milestone

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The RBI was set-up on April 1, 1935, as per the provisions of the Reserve Bank of India Act, 1934.

In lower than 9 years, India’s Reserve Bank of India (RBI) has turn into the primary central financial institution on the planet to attain the 1-million-follower mark on the microblogging community Twitter on Sunday. RBI Governor Shaktikanta Das tweeting in regards to the milestone on Sunday afternoon stated, “RBI Twitter account reaches one million followers today. A new milestone. Congratulations to all my colleagues in RBI.” The central financial institution had joined the networking web site again in January 2012, in line with its profile. However, neither Das (who has 135.4k followers) nor RBI follows one another on Twitter.

The RBI was set-up on April 1, 1935, as per the provisions of the Reserve Bank of India Act, 1934. Its central workplace was initially primarily based in then Calcutta and was later shifted to Mumbai in 1937. Though initially privately owned, since nationalisation in 1949, RBI is absolutely owned by the Government of India. Among the highest central banks globally, the US’s Federal Reserve System has 677.3k followers, European Central Bank has 591okay followers, the Saudi Arabian Monetary Authority has 562.9k followers, Bank of England has 317.2k followers, Bank of Canada has 180.3k followers, and many others. RBI presently has 9,434 followers on LinkedIn.

Also learn: Forex reserves enhance by over $100 billion since March lockdown; hit lifetime excessive at $572 billion

Meanwhile, an inner working group (IWG) of the RBI has instructed the conversion of huge non-banking monetary corporations (NBFCs) into banks. Well-run NBFCs having an asset dimension of Rs 50,000 crore and extra together with ones owned by corporates could also be allowed conversion “subject to completion of 10 years of operations and meeting due diligence criteria and compliance with additional conditions specified in this regard,” in line with IWG headed by PK Mohanty. The group has additionally instructed rising promoters’ stake from 15 per cent to 26 per cent and a hike in minimal capital from Rs 500 crore to Rs 1,000 crore for brand spanking new banks. The IWG was established on June 12 by the central financial institution to evaluation the extant licensing and regulatory tips with respect to possession and management, company construction, and different related points.

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