What is not a function of the Reserve Bank of India?

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

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