The Reserve Bank of India is the central bank of India, established in 1935 under the Reserve Bank of India Act. In 1949, the central government acquired the entire share capital, making it a state-owned institution. The RBI is charged with managing monetary policy to regulate money supply and maintain foreign exchange reserves. Its key functions include issuing currency, acting as the government and banks' banker, and setting important rates like the repo rate, reverse repo rate, CRR, SLR, and others.