Significance of RBI in India: An Analytical Study

Banking law is the collection of legal principles which deals with almost every aspect of banking system. There are various types of banking system which are Scheduled Commercial Bank, Non Scheduled Commercial Bank, co-operative banks and development bank. At top there is Reserve Bank of India (RBI), is monetary authority of the nation and which performs the role of central banking of India. To study about the RBI it is not complete without the study of Banking law, Reserve Bank of India Act, Corporate law. RBI is regarded as the central banking authority of India which was established on 1935, under RBI Act 1934. The introduction briefly traces about the meaning of Banks, Banking system and Law of Banking. After that History of Indian Banking systems have been addressed. Then, the Regulating laws relating to Banking in India has been highlighted. This research paper also discussed about the Central Bank of India (RBI), RBI Act 1934 and the role of RBI in Indian Banking system and role of RBI in Economic development.