Reserve Bank of India

• Formulates, implements and monitors the monetary policy to maintain price stability and to ensure adequate flow of credit to productive sectors.
• Prescribes broad parameters of banking operations within which the country's banking and financial system functions.
• Manages the Foreign Exchange Management Act, 1999.
• Issues and exchanges or destroys currency and coins not fit for circulation.
• Performs merchant banking function for the central and the state governments; also acts as their banker.
• Maintains banking accounts of all scheduled banks.