Which organization is responsible for regulating the financial sector in India ?

Key Points

• The Reserve Bank of India (RBI) is the central bank of India and was established on April 1, 1935.
• RBI regulates the issuance and supply of the Indian Rupee and manages the monetary policy of India.
• The RBI oversees and regulates commercial banks, financial institutions, and non-banking financial companies in India.
• It ensures financial stability and sets guidelines for the banking sector, credit systems, and payment mechanisms in India.

Additional Information

• Planning Commission of India: The Planning Commission was responsible for creating five-year plans and monitoring economic development in India. It was dissolved in 2014 and replaced by NITI Aayog.
• Banking Ombudsman: The Banking Ombudsman is a quasi-judicial authority formed by the RBI to resolve customer complaints related to banking services such as delays, fraud, or lack of proper service.
• Ministry of Finance: The Ministry of Finance is a government department responsible for fiscal policy, taxation, budget preparation, and economic affairs in India. While it supervises financial policies, it does not directly regulate the financial sector.