Reserve Bank of India and RBI has an important role to play in regulating & managing this segment. RBI manages forex and gold reserves of the nation. On a given day, the foreign exchange rate reflects the demand for and supply of foreign exchange arising from trade and capital transactions. The RBI's Financial Markets Department (FMD) participates in the foreign exchange market by undertaking sales / purchases of foreign currency to ease volatility in periods of excess demand for/supply of foreign currency. Reserve bank of India is the sole body who is authorized to issue currency in India. The bank also destroys the same
Institute for Development and Research in Banking Technology certificates have been issued by the CA. With a view to provide focused attention and enable development of techno-banking in the country, the Institute has promoted a new Section 8 Company named The Indian Financial Technology and Allied Services (IFTAS). Headquartered in Mumbai, the mandate of the IFTAS is to provide IT-related services to the RBI, Banks and other Financial Institutions. Services like INdian FInancial NETwork (INFINET), Structured Financial Messaging System (SFMS) and the Indian Banking Community Cloud (IBCC) has been handed over to IFTAS with effect from April 1, 2016. Institute for Development and Research in Banking Technology The