The Reserve Bank of India (RBI) was established in 1935 as India's central bank. It was given statutory powers in 1956 to regulate the issue of banknotes and keep reserves to stabilize the monetary system. The RBI has its headquarters in Mumbai and regional offices across India. It formulates monetary policy and regulates banking institutions. The Securities and Exchange Board of India (SEBI) was established in 1988 and given statutory powers in 1992 to protect investors and regulate the securities market. SEBI has its headquarters in Mumbai and regional offices across India. It implements rules and regulations to promote orderly development of the securities market.