RBI JOINS NETWORK FOR GREENING FINANCIAL SYSTEM

RBI JOINS NETWORK FOR GREENING FINANCIAL SYSTEM

Context

Recently, the Reserve Bank of India (RBI) joined the Central Banks and Supervisors ‘Network for Greening the Financial System (NGFS)’ as a Member.

Details

• ‘Network for Greening the Financial System (NGFS)’  is a group of Central banks and supervisors willing to share the best practices and contribute to the development of the environment and climate risk management in the financial sector, while mobilising mainstream finance to support the transition towards a sustainable economy.
• It was launched at the Paris One Planet Summit in December 2017.

About Reserve Bank of India

• Established : On April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
• It is fully owned by the Government of India.
• Headquarter : Mumbai(Since 1937, previously in Kolkata).
• Preamble of RBI :
  • To regulate the issue of Bank notes.
  • To operate the currency and credit system of the country.
  • To release a monetary policy framework.
  • To maintain price stability.