History of RBI on the eve of 90 years of the Reserve Bank of India (RBI)

 

Reserve Bank of India (RBI) Old Building

A history of RBI’s infrastructure

The Indian banking system has developed over time since India’s independence. Established in the early 20th century, The Reserve Bank of India was established under the Reserve Bank of India Act in 1934.

Granted on a statutory basis, the bank officially commenced operations on April 1, 1935. The Bank began its operations by taking over control from the Government of India.

The centralisation of the banking system also embarked on three main objectives as their primary goal:

• Regulate the issue of banknotes
• Maintain reserves to secure monetary stability and
• To operate the credit and currency system of the country to its advantage.

These functions were earlier being performed by the Controller of Currency and the Imperial Bank of India, who managed the Government accounts and public debt.

The Reserve Bank of India was originally set up as a shareholder’s bank and was nationalised in 1949.

The Bank was also instrumental in institutional development by setting up institutions like the Deposit Insurance and Credit Guarantee Corporation of India (DICGC), the Unit Trust of India (UTI), the Industrial Development Bank of India (IDBI), the National Bank of Agriculture and Rural Development (NABARD), the Discount and Finance House of India (DFHI) among others to build the financial infrastructure of the country.

Being an important architectural marvel in terms of construction, design and its integral role in the history of the nation’s financial infrastructure, the RBI commissioned the Shapoorji Pallonji group to handle the construction of its new building.

While this project was commissioned at a challenging time of budget cuts, the structure serves of prime importance to the core monetary prowess of the nation.

Having previously constructed the RBI old building in Mumbai in 1939, the group had established their reputation for handling large-scale projects of imminent importance with finesse, irrespective of the magnitude and scale of the project.

Thus the new RBI building stands true to the Shapoorji Group values and serves as a structure of pivotal importance safeguarding the nation’s finances since 1980.

Originally Published at - https://industryupdates.medium.com/history-of-rbi-on-the-eve-of-90-years-of-the-reserve-bank-of-india-rbi-c9d8ff416af7

History of the construction of the RBI building in Mumbai

 

Mumbai’s Reserve Bank of India (RBI) office building is a towering landmark that has graced the city’s skyline for over four decades. Constructed in 1980 by the renowned construction company Shapoorji Pallonji, the 27-story building is 350 feet tall. The scope of work for this project by Shapoorji Pallonji included civil and structural works for the building, two basement levels, and MEP works. The building’s design features false floors and other architectural elements, making it an impressive feat of engineering. Shapoorji Pallonji was also commissioned with the civil and structural development of the old RBI building in Mumbai, completed in 1950.

The construction of the RBI building marked a milestone for the Indian financial sector. The completion of the building in November 1980 was a testament to India’s growing economic strength and provided the RBI with a modern and functional headquarters. The building’s construction was particularly noteworthy as it was built during a period of austerity when the Indian government banned expensive projects.

The RBI building has played a significant role in India’s economy by safeguarding the country’s bullion and issuing its notes and coins. Additionally, the RBI is responsible for formulating and implementing India’s monetary policy, managing the country’s foreign exchange reserves, and regulating its banking system. The building’s imposing presence is a testament to India’s financial strength and has become an iconic symbol of Mumbai’s skyline.

The RBI building is not only a vital hub for the Indian financial sector. It has also become an essential part of Mumbai’s cityscape. The building’s design and construction have made it a popular destination for architecture enthusiasts visiting Mumbai. The building’s completion in 1980 was an important step forward for India’s economy and is a landmark achievement for the country.

Today, the RBI building continues to serve as the headquarters of the Reserve Bank of India, a crucial institution that plays a significant role in the Indian economy. The building’s design and construction have stood the test of time, and it is an essential component of Mumbai’s cityscape. Its towering presence is a testament to India’s financial strength and commitment to modernisation and progress.

Apart from this iconic development, Shapoorji Pallonji has also constructed other landmark projects, including the Bank of India building, with a stunning glass structure, the iconic World Trade Centre, and the HSBC building in South Mumbai. Furthermore, Shapoorji Pallonji has also constructed the LIC building in New Delhi, the International Exhibition Centre in Bangalore, ONGC Office Building in Dehradun, Vallabh Bhawan Extension in Bhopal, and the Stratum @ Venus Grounds in Ahmedabad.

Originally published at http://realestateandepc.wordpress.com on March 23, 2023.