The Reserve Bank of India Act, 1934

The Reserve Bank of India Act, 1934 is an Indian law that establishes the legal framework for the functioning of the Reserve Bank of India (RBI), India's central bank. The Act outlines the roles and responsibilities of the RBI, including regulating the monetary policy of the country, issuing currency, managing foreign exchange reserves, and supervising the banking system. The Act also provides for the constitution of the Central Board of Directors, which is responsible for managing the affairs of the RBI. Additionally, the Act outlines the powers of the RBI, including the power to regulate banks, call for information, and inspect banks. The Act has been amended several times, most recently in 2016, to keep up with changing times and economic realities.