Reserve Bank of India is a statutory body. RBI was established through Reserve Bank of India Act, 1935. RBI is not a constitutional body. Although RBI has considerable institutional independence, it is under the control of the Ministry of Finance, Government of India after it was nationalised in 1949. You can read about the RBI – Know More About Reserve Bank of India in the given link.
Further readings:
- Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
- Indian Economy Notes For UPSC
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SIDBI – Small Industries Development Bank of India & its Functions |
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Banks Board Bureau For Public Sector Banks – Composition, Functions |
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