Describe in brief about the following Regulatory bodies of the Government of India: (i) Reserve Bank of India (ii) Insolvency and Bankruptcy Board…

(a) (i) Reserve Bank of India (1) It is India's Central Bank and regulatory body responsible for regulation of the Indian banking system. (2) It is under the ownership of Ministry of Finance, Government of India. (3) It is responsible for the control, issue and maintaining supply of the Indian rupee. (4) It also manages the country's main payment systems and works to promote its economic development. (5) Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialized division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Nashik (Western India) and Dewas (Central India). (6) RBI established the National Payments Corporation of India as one of its specialized divisions to regulate the payment and settlement systems in India. (7) Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized divisions for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks. (ii) Insolvency and Bankruptcy Board of India (a) It is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India. (b) It was established on 1 October, 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5th May, 2016. (c) It covers Individuals, Companies, Limited Liability, Partnerships and Partnership firms. The new code will speed up the resolution process for stressed assets in the country. (d) It attempts to simplify the process of insolvency and bankruptcy proceedings. (e) It handles the cases using two tribunals like NCLT (National Company Law Tribunal) and Debt Recovery Tribunal.