India’s central bank and the regulator of the banking system. It is a statutory body established under the Reserve Bank of India Act, issues currency, manages foreign exchange reserves, and sets monetary policy against an inflation target agreed with the Union government.
Who runs itHeaded by a Governor and Deputy Governors; monetary policy is decided by the Monetary Policy Committee, which includes external members.
Why it is examinedIts statutory basis, the composition of the Monetary Policy Committee, and the split between monetary and fiscal responsibility are all standing question areas.
Verify the standing facts against the official source: RBI ↗