Reserve Bank of India (RBI) is the central bank of India. It was established in 1935. RBI handles the monetary policy of India to maintain price stability as it is important for the sustained growth of the economy. You can read about the Types of Banks in India – Category and Functions of Banks in India in the given link.
RBI was nationalized in 1949. RBI is the regulatory body working under the Ministry of Finance, Government of India. RBI regulates the Indian banking system and controls supply and issue of Indian rupee.