Reserve Bank of India on 8 November 2016. Earlier 1000 notes have been discarded by RBI. Reserve Bank of India also works as a central bank where commercial banks are account holders and can deposit money. RBI maintains banking accounts of all scheduled banks. Commercial banks create credit. It is the duty of the RBI to control the credit through the CRR, bank rate and open market operations. As banker's bank, the RBI facilitates the clearing of cheques between the commercial banks and helps the inter-bank transfer of funds. It can grant financial accommodation to schedule banks. It acts as the lender of the
Banking and insurance in Iran could benefit from using the bourse to raise capital. As of 2009, there was no sizeable corporate bond market. Electronic banking in Iran is developing rapidly. The needed $70 million initial capital for the opening of each electronic bank as approved by the Money and Credit Council compares with $200 million required to establish a private bank in the country. In 1960 the Central Bank of Iran (CBI, also known as "Bank Markazi") was established as a banker for the government, with responsibility for issuing currency. In 1972 legislation further defined the CBI’s functions as a central bank responsible for