Advancing loans to the public and accepting deposits from the public is not the function of the Reserve Bank of India. You can read about the Pradhan Mantri Jan-Dhan Yojana (PMJDY) – National Mission for Financial Inclusion in the given link.

The Reserve Bank of India (RBI) is known as a banker to the Government of India. RBI issues currency notes, it is a custodian of Country’s Foreign Currency Reserves, it controls the monetary policy, basically RBI controls the entire banking system in India.

Further readings:

1. RBI – Reserve Bank of India [UPSC Indian Economy Notes]
2. Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19