ROLE OF RBI IN INDIA’S ECONOMIC DEVELOPMENT

AUTHOR – HEER CHIRAG SHAH, STUDENT AT MKES COLLEGE OF LAW

BEST CITATION – HEER CHIRAG SHAH, ROLE OF RBI IN INDIA’S ECONOMIC DEVELOPMENT, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (2) OF 2025, PG. 08-11, APIS – 3920 – 0001 & ISSN – 2583-2344.

This article is published in the collaborated special issue of M.K.E.S. College of Law and the Institute of Legal Education (ILE), titled “Current Trends in Indian Legal Frameworks: A Special Edition” (ISBN: 978-81-968842-8-4).

INTRODUCTION

The Reserve Bank of India (RBI), India’s central bank, was established on April 1, 1935 under the Reserve Bank of India Act 1934. As the apex monetary institution, the RBI regulates, supervises and develops the country’s financial system. Initially, the RBI’s role was confined to controlling credit, but it has since evolved to encompass a broader range of functions.