The Reserve Bank of India (RBI) is the central bank of India. It was established in 1935 under the Reserve Bank of India Act. The RBI controls monetary policy and currency reserves. It has the objectives of regulating bank notes, maintaining monetary stability, and operating the currency and credit system. The RBI performs key functions such as issuing currency, acting as a banker to the government and other banks, managing foreign exchange reserves, and formulating monetary policy through tools like interest rates and reserve requirements.