A ‘Central Bank’ plays an important role in the economy of a country. A Central Bank is an independent apex monetary authority which regulates banking sector. It provides vital financial services like storing of foreign exchange reserves, control of inflation, monetary policy report etc. It is also referred as the ‘the lender of last’ rescuing commercial banks and preventing the economy from failing. The functions of a Central Bank vary from country to country. They are autonomous or quasi autonomous institution and perform vital monetary functions for the country.
Central Bank, Reserve Bank of India, Apex monetary authority, lender of last resort, Bank of England, Monetary Authority of Singapore, Central Bank of U.A.E, Reserve Bank of India Act, 1934.
Yogesh Prasad Kolekar