Reserve Bank of India
Governance and Mandate
The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934, as a private shareholders' bank. It was nationalized in 1949. The RBI serves as India's central bank with four core functions: monetary authority, issuer of currency, banker and debt manager to the government, and regulator and supervisor of the financial system.
- The RBI's monetary policy mandate was formally defined by the 2016 amendment to the RBI Act: maintaining price stability as the primary objective, subject to which it supports the objective of growth.
- The Central Board of the RBI is the apex governing body; the Governor heads it and is appointed by the Central Government.
- Under the amended RBI Act, monetary policy decisions are made by the six-member MPC — not unilaterally by the Governor as in the pre-2016 framework.
- The RBI's Monetary Policy Report (biannual) and Annual Report are key documents for tracking its policy assessments.
- The RBI also regulates banks, NBFCs, payment systems, and manages India's foreign exchange reserves.
● Tracked since February 06, 2026 · last seen May 10, 2026 · updates as the daily brief publishes
See it in today’s brief.
Daily current affairs with every static concept explained in place.
Read the daily brief