Banking FinanceAct No. 2 of 1934In Force

The Reserve Bank of India Act, 1934

Establishes the Reserve Bank of India as the central bank and monetary authority of India. The RBI Act empowers the RBI to issue currency, regulate money supply, manage foreign exchange reserves, and supervise the financial system. It provides for the Monetary Policy Committee (MPC) and its mandate to maintain price stability with a focus on growth.

Sections

Schedules

Ministry

Ministry of Finance

Last Amended

2023-09-14

Key Provisions

→Establishment and incorporation of Reserve Bank of India

→Currency management: sole issuer of banknotes

→Monetary Policy Committee (MPC): inflation targeting mandate

→Maintenance of foreign exchange reserves

→Regulation of money market and call money

→Open market operations and repo/reverse repo facilities

→Lender of last resort function

→Powers of inspection and supervision of banks

Related Practice Areas

banking-finance regulatory-compliance fdi-advisory

RBIReserve Bankmonetary policycurrencycentral bankMPCbanking regulation

Section-by-Section Reference

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Indian government legislation is in the public domain under S.52(1)(q) of the Copyright Act, 1957. This reference is for educational purposes. Laws are amended frequently — verify the current text on the e-Gazette of India before relying on it for legal proceedings.