The Reserve Bank of India, India's major financial institution, was established in 1935.
The Reserve Bank of India is India's central bank and regulatory agency, in charge of issuing and supplying the Indian rupee as well as regulating the Indian banking sector. It also oversees the country's key payment systems and seeks to promote the country's economic development. Note of the Bharatiya Reserve Bank Mudran is one of the RBI's specialised departments that mints Indian bank notes and coins. The Reserve Bank of India formed the National Payments Corporation of India as one of its specialised divisions to regulate India's payment and settlement systems. The Reserve Bank of India formed the Deposit Insurance and Credit Guarantee Corporation as one of its specialised divisions for the aim of insuring deposits and guaranteeing credit facilities for all Indian banks. In compliance with the Reserve Bank of India Act, 1934, it began operations on April 1, 1935.
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