The Reserve Bank of India (RBI) is the central institution of the country that manages all major monetary policies of India and handles the economic stability and growth.

Urjit Patel is the current RBI governor, who assumed responsibilities of the organisation from September 6, 2016. Within three months of his tenure, Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1000 currency note. He was an integral part of the team which decided on demonetisation. RBI has been mitigating the side effects of demonetisation by executing a set of rules in favour of the common people. Opposition, however, protested against the decision of demonetisation and criticised the government and the RBI for being insensitive towards common people.

It was set up in 1935 during British rule in accordance with the provisions of the The Reserve Bank Act, 1934. The headquarters are in Mumbai, Maharastra.

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