Reserve Bank of India

Key Facts:

Established: April 1, 1935 (RBI Act, 1934).
Nationalized: 1949.
Headquarters: Mumbai.
Governor: Appointed by Central Government.
MPC: 6 members (3 RBI, 3 Govt.), Governor is ex-officio Chair, casting vote.
Inflation Target: 4% CPI +/- 2% (2016 framework).
Currency Issue: Sole authority (except ₹1 notes/coins by Fin. Min.).
Key Tools: Repo, Reverse Repo, CRR, SLR, MSF, OMOs.
Acts: RBI Act 1934, Banking Regulation Act 1949, FEMA 1999.
Lender of Last Resort: Yes.
Banker to Govt. & Banks: Yes.
FX Manager: Yes.
PCA Framework: For weak banks (Capital, Asset Quality, Profitability).

RBICAM: A mnemonic to remember RBI's core functions and characteristics.

Regulation (of banks, NBFCs, payment systems)
Banking (to Government and Banks)
Issuance (of currency)
Currency (management and foreign exchange)
Autonomy (statutory, though debated)
Monetary Policy (formulation and implementation)