Main Note - [About the RBI](About%20the%20RBI.md)
1. The Reserve Bank of India (“RBI”), an autonomous body created under an act of the Indian parliament i.e. The Reserve Bank of India Act, 1934, is entrusted, inter alia, with the responsibility of regulation and supervision of banks (along with others) under the Banking Regulation Act, 1949.
2. Section 35 of the Banking Regulation Act vests powers in RBI for inspection of books of any banking company at any time.
3. Aug 1991 - A Committee on Financial Systems, chaired by M. Narasimham, 1991, was appointed by the then FM, Manmohan Singh.
4. [Nov 1991](GoI_Group-Committee_199111_Report%20of%20the%20Committee%20on%20the%20Financial%20System_Chairman-M.%20Narasimham.pdf) - The committee submitted its report. It had recommended the setting up of a Supervisory Board under the aegis of the Reserve Bank of India. In the backdrop of their recommendations, the supervisory role of the Bank was separated from traditional central banking functions with a view to put in place an integrated supervisory mechanism.
5. Dec, 1993 - a separate department entitled ‘Department of Supervision (DOS)’ was formed to take over the supervisory function, leaving regulatory functions to Department of Banking Operations and Development (DBOD). [^2]
1. Until December 1993 - Both the regulatory and supervisory functions of RBI were earlier carried out through DBOD.
6. [Nov 16, 1994](RBI_Press%20Release_19941116_Board%20for%20Financial%20Supervision%20Constituted.pdf) - Consequently, RBI constituted the ==**Board for Financial Supervision (BFS)**== as a committee of the Central Board of Directors of the Reserve Bank of India under the Reserve Bank of India (Board for Financial Supervision) Regulations, 1994, to give undivided attention to the prudential supervision and regulation of banks, financial institutions and non-bank financial institutions in an integrated manner.
1. ==The primary objective of BFS is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions (not payment systems) and non-banking financial companies.==
2. They are formed by four nominated non-official members from the Central Board of Directors, for a term of two years
3. The Deputy Governors of the Bank are _ex-officio_ members and one of them (holding the charge of regulation and supervision) is appointed as the Vice-Chairman. [^3]
4. Audit Sub-Committee
1. BFS, through the Audit Sub-Committee also aims at upgrading the quality of the statutory audit and internal audit functions in banks and financial institutions. The audit sub-committee includes Deputy Governor as the chairman and two Directors of the Central Board as members
2. The audit sub-committee includes Deputy Governor as the chairman and two Directors of the Central Board as members
5. Just to recall, there are 3 types of [boards](Western Area, Eastern Area, Northern Area and Southern Area) - Central Board, Local Boards, Committee of the Central Board (CCB)
6. [Box XIII.3-Board for Payment and Settlement Systems](RBI_Annual%20Report_2004.pdf#page=196&selection=63,0,63,56) in RBI's Annual Report 2004
7. ==DoS was assigned the role to function as the executive arm of the BFS, which was set up later in 1994.==
1. DBOD continued to perform the regulatory function pertaining to banks.
2. Rural Planning and Credit Department (set up in 1982) continued to look after functions of the State and Central cooperative banks as well as the Regional Rural Banks.
3. Urban Banks Department (UBD, set up in February 1984) looked after urban cooperative banks.
8. Aug, 1997 - DoS was bifurcated into Department of Banking Supervision (DBS) and Department of Non-Banking Supervision (DNBS).
9. Hence task of Supervision was with DoS (= DBS + DNBS), along with Board for Financial Supervision (BFS).
1. DBS was entrusted with the responsibility of supervising SCBs (excluding RRBs), LABs, Payments Banks (PBs), SFBs, Credit Information Companies and AIFIs based on supervisory inputs received through off-site monitoring and on-site inspections.
1. Banking functions of rural cooperatives (including RRBs) are supervised by the [NABARD](https://www.nabard.org/annual-report/supervisory-role-of-nabard.html).
2. DNBS had the mandate to protect depositors and customers of NBFCs, while ensuring financial stability, along with supervision of ARCs.
10. Summary
1. The regulatory framework for banking supervision is defined in legislation (the RBI Act and the Banking Regulation Act).
2. ==**The Reserve Bank performs the function of Financial Supervision under the guidance of the Board for Financial Supervision (BFS).**==
3. The Department of Supervision assists and provides secretarial support to Board for Financial Supervision (BFS).
11. [June 2002](RBI_Press%20Release_20020604_Technical%20Group%20on%20Market%20Integrity%20submits%20Report.pdf) - [Report](RBI_Group-Committee_20020604_Report%20of%20The%20Technical%20Group%20on%20Market%20Integrity.pdf)of The Technical Group on Market Integrity was published. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=280)
12. March 25, 2009 - The committee on Financial Sector Assessment' (CFSA) submitted its [report](Financial%20Sector%20Assessment%20Program%20(FSAP).md#Committee%20on%20Financial%20Sector%20Assessment%20(CFSA)) (in 6 volumes)
## 2015
1. [Nov 3, 2014](RBI_Annual%20Report_2015.pdf#page=149&selection=118,0,118,27) *(restructuring of several departments effected from this date)*
1. Urban Banks Department (UBD) was [split](RBI_Annual%20Report_2015.pdf#page=149&selection=118,0,118,27) into Department of Cooperative Bank Regulation (DCBR) and Department of Cooperative Bank Supervision (DCBS). Urban Banks Department (UBD) ceased to exist since then.
2. Department of Non-Banking Supervision (DNBS) was split into Department of Non-Banking Regulation (DNBR) and Department of Non-Banking Supervision (DNBS)
## 2019
1. [May 21, 2019](RBI_Press%20Release_20190521_RBI%20Central%20Board%20meets%20at%20Chennai.pdf) - Central Board of the Reserve Bank of India had in its meeting on May 21, 2019, approved the creation of the separate supervisory and regulatory cadre.
2. [Nov 1, 2019](RBI_Press%20Release_20191101_Reserve%20Bank%20of%20India%20Reorganises%20its%20Regulation%20and%20Supervision%20Departments.pdf) - RBI announced the merger of the all supervisory departments Department of Banking Supervision (DBS), Department of Non-Banking Supervision (DNBS), and Department of Co-operative Bank Supervision (DCBS) to create a unified **Department of Supervision (DoS)** (often referred to in the context of the 2019 restructuring).
1. ==So now DoS = DBS + DNBS + DCBS, along with Board for Financial Supervision (BFS)==
3. Similarly, the regulatory functions relating to financial sector entities are carried out through three separate departments, viz., Department of Banking Regulation, Department of Non-Banking Regulation and Department of Cooperative Banking Regulation. They were into unified Department of Regulation with effect from November 01, 2019.
4. After the merger of 3 departments in Nov, 2019, the Department of Supervision was formed which supervises following entities:
1. All Commercial banks (excluding Regional Rural Banks)
1. Banking functions of rural cooperatives (including RRBs) are supervised by the [NABARD](https://www.nabard.org/annual-report/supervisory-role-of-nabard.html).
2. Primary (Urban) Cooperative Banks (UCBs,
Banks are regulated and supervised by the RBI under the Banking Regulation Act, 1949, and the Reserve Bank of India Act, 1934
3. Non-Banking Financial Companies ([NBFCs](NBFCs.md)),
NBFCs registered with RBI are regulated and supervised (HFCs are supervised by NHB) under Chapter IIIB of the RBI Act, 1934
4. Credit Information Companies (CICs),
1. Credit Information Companies (CICs)’ means companies that have been granted a certificate of registration (licensed by the RBI) under section 5 of the Credit Information Companies (Regulations) Act, 2005 (often referred as CIRCA).
5. Asset Reconstruction Companies ([ARCs](Asset%20Reconstruction%20Companies%20(ARCs).md))
1. They are registered with the Reserve Bank under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), 2002
6. All India Financial Institutions (AIFIs) *([those regulated by the RBI](All%20India%20Financial%20Institutions%20(AIFI).md#AIFIs%20regulated%20by%20the%20RBI))
4. Alongside, the regulatory functions relating to financial sector entities carried out through three separate departments, viz., Department of Banking Regulation, Department of Non-Banking Regulation and Department of Cooperative Banking Regulation were merged into a unified Department of Regulation.
5. ==[Box VI.4](RBI_Annual%20Report_2021.pdf#page=179&selection=143,4,143,16) - Structural Changes in Business Models of Non-Banking Financial Companies (NBFCs) and Strengthened Supervision== in RBI's Annual Report 2021.
## Commercial Banks (other than RRBs)
1. They are supervised by the DoS
## Primary (Urban) Cooperative Banks
1. Structure - [Link](Types%20of%20Banks.md#^b0606a)
2. Registration, Regulation and Supervision - [Link](Types%20of%20Banks.md#^f3c1ee)
## Rural Co-operatives (RCCs) and HFCs
**Banking function of Rural Cooperative Banks (and Regional Rural Banks) and Housing Finance Companies (HFCs) are not supervised by RBI, but by NABARD and NHB respectively**
### Rural Co-operatives (RCCs)
1. Structure - [Link](Types%20of%20Banks.md#^20d2f6)
2. Registration, Regulation and Supervision - [StCBs, DCCBs](Types%20of%20Banks.md#^6f258a) and [PACS and long-term co-operatives (SCARDBs, PCARDBs)](Types%20of%20Banks.md#^a5a3f1)
### Housing Finance Companies
1. They are a specialised category of non-banking financial company ([NBFCs](NBFCs.md)) which are regulated by the RBI (RBI assumed the role of regulator of HFCS effective August 2019), but supervised (inspected) still by the National Housing Bank (NHB).
1. [Aug 13, 2019](RBI_Press%20Release_20190813_Transfer%20of%20Regulation%20of%20Housing%20Finance%20Companies%20(HFCs)%20to%20Reserve%20Bank%20of%20India.pdf)- The Finance (No.2) Act, 2019 (23 of 2019) amended the NHB Act, 1987 and had conferred/moved the regulation of HFCs to the RBI from the NHB, whereas supervision still remains with the NHB.
2. With this, a housing finance institution, which is a company, desirous of making an application for registration under sub-section 2 of section 29A of the National Housing Bank Act, 1987 (as amended by Act 23 of 2019) has to approach the Department of Non-Banking Regulation, Reserve Bank of India (merged into Department of Regulation).
2. [List](https://www.nhb.org.in/supervision/list-of-hfcs-in-india/) of Housing Finance Companies (HFCs) as on March 31, 2025, from the website of NHB.
3. Directions:
1. [To All NBFCs](NBFCs.md#To%20All%20NBFCs)
2. To all HFCs registered with the RBI under the provisions of the NHB Act, 1987 - [Reserve Bank of India (Housing Finance Companies) Directions, 2025](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12939)
## Other Departments on Supervision
1. Payment Systems
1. The Payment and Settlement Systems Act, 2007 (PSS Act) has designated and confers upon the RBI the right to **regulate and supervise** Payment Systems within the country through a Board to be known as the "Payments Regulatory Board".
2. The Department of Payment and Settlement Systems (DPSS) (formed in 2005) of RBI serves as the Secretariat to the PRB.
3. Related Notes - [Payment Systems](Payment%20Systems.md) & [Oversight of Payment Systems](Oversight%20of%20Payment%20Systems.md)
2. Foreign Exchange
1. Under the Foreign Exchange Management Act (FEMA), 1999, the Central Government frames rules for capital and current account transactions, while the [Reserve Bank of India (RBI)](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=829) issues regulations, manages, and supervises foreign exchange, primarily through its Foreign Exchange Department (FED)
3. Consumer Protection
1. The Consumer Education and Protection Department (CEPD) of the Reserve Bank of India is responsible for protecting consumer interests through [Ombudsman Scheme](Ombudsman%20Scheme.md) (RB-IOS, latest one), and those not covered under the scheme through CEP cells, and regulating grievance redressal for financial services.
## Payment Systems
1. Supervision of payment systems - [Link](Oversight%20of%20Payment%20Systems.md#Oversight%20(the%20Legal%20Basis))
[Box VI.2 - Exploring Supervisory Dimensions Through Cross-border Cooperation](RBI_Annual%20Report_2025.pdf#page=167&selection=646,54,646,65) in RBI's Annual Report 2025
## Related Notes
1. [Department of Supervision](Department%20of%20Supervision.md)
2. [Types of Banks](Types%20of%20Banks.md)
3. [Financial Sector Assessment Program (FSAP)](Financial%20Sector%20Assessment%20Program%20(FSAP).md) (FSAP)
## References
### [[Speeches & Media Interactions|Speeches]]
1. RBI. (Jan 13, 2026). ==Regulation in the Digital Era – Issues, Opportunities and Challenges== - Special Address delivered by Shri Shirish Chandra Murmu, Deputy Governor, Reserve Bank of India on January 9, 2026, at the 3rd Annual Global Conference of the College of Supervisors, Reserve Bank of India on the theme of ‘Adapting the Regulation and Supervision to the Digital Age’, in Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1542)
2. RBI. (Jan 12, 2026). ==Issues and Challenges in Banking Supervision in the Digital Era== - Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India, on Friday, January 9, 2026, at the Third Annual Global Conference of the College of Supervisors, RBI, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1541)
3. RBI. (Jan 09, 2026). ==Regulation and Supervision – Adapting to the Digital Age== - Keynote Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Third Annual Global Conference of the College of Supervisors, Mumbai, January 9, 2026. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1540)
4. RBI. (Nov 27, 2024). ==Supervision amidst Emerging Risks== - Opening remarks by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - November 22, 2024 - at the High-level Policy Conference of Central Banks from the Global South held in Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1486)
5. RBI. (Jul 09, 2024). ==Shared Vision, Shared Responsibilities: Advancing Assurance in Banking Supervision== - Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - July 9, 2024 - at the Conference of Statutory Auditors and Chief Financial Officers of Commercial Banks and All India Financial Institutions, in Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1444)
6. RBI. (Jun 15, 2023). ==Some perspectives on Banking Supervision== - Opening remarks by Shri M K Jain, Deputy Governor, Reserve Bank of India - June 14, 2023 - at the 25th SEACEN-FSI Conference of the Directors of Supervision of Asia Pacific Economies in Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1371)
7. RBI. (Nov 02, 2021). ==Governance and Prudential Supervision of Financial Institutions: Recent Initiatives== - Address by Shri M K Jain, Deputy Governor, Reserve Bank of India - November 2, 2021 - at the Business Standard BFSI Summit. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1138)
8. RBI. (Sep 28, 2016). ==Financial Stability in a Weak Global Environment== - Shri S. S. Mundra, Deputy Governor - September 22, 2016 - at the 7th SEACEN High Level Seminar for Deputy Governors in–charge of Financial Stability and Supervision, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1026)
9. RBI. (Nov 19, 2014). ==Emerging contours of Regulation and Supervision in the Indian Banking Sector== - Special address delivered by Shri S. S. Mundra, Deputy Governor, Reserve Bank of India at the Investors’ Conference organized by Axis Capital Limited in Mumbai on November 13, 2014. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=926)
10. RBI. (May 14, 2013). ==Strengthening the Banking Supervision through Risk Based Approach: Laying the Stepping Stones== - Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the Inaugural Session of the Conference of non-Executive directors on the Boards of Commercial Banks, organized by CAFRAL in Mumbai on May 13, 2013. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=809)
11. RBI. (Mar 6, 2013). ==Approach to regulation and supervision in the post crisis world== - Keynote address by Shri Anand Sinha, Deputy Governor, Reserve Bank of India at the program ‘Supervisory Effectiveness in the Post Crisis World’ organized by Centre for Advanced Financial Research and Learning (CAFRAL) at Mumbai on February 4, 2013. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=788)
12. RBI. (Sep 07, 2010). ==Post-Crisis Reforms to Banking Regulation and Supervision – Think Global, Act Local== - Inaugural address by Dr. D. Subbarao, Governor, Reserve Bank of India at the FICCI-IBA Conference on ‘Global Banking: Paradigm Shift’ on September 7, 2010. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=520)
13. RBI. (Sep 08, 2009). ==Global Agenda for Regulatory and Supervisory Reforms: The Stock Taking and Way Forward== - Opening remarks of Smt Usha Thorat, DG, RBI at the Panel Session on “Strengthening financial regulation and supervision” of the FICCI- IBA Conference on “Global Banking: Paradigm Shift” on September 8, 2009 at Hotel Grand Hyatt, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=436)
14. RBI. (Dec 08, 2006). ==Urban Cooperative Banks – Evolution of the banks, current issues in Corporate Governance and challenges in their Regulation and Supervision== - Late Shri R. N. Godbole Memorial Lecture (2006) delivered by Smt. Usha Thorat, Deputy Governor, Reserve Bank of India on December 6, 2006 at Shivaji University, Kolhapur. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=317)
15. RBI. (Sep 16, 2004). ==Issues in Bank Regulation and Supervision*== - Smt. K J Udeshi, Deputy Governor, Reserve Bank of India, at a seminar on Global Banking: Paradigm Shift organised by the Federation of Indian Chamber of commerce and Industries, Bangalore on September 16, 2004. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=163)
16. RBI. (Aug 28, 2004). ==Bank Supervision – Challenges Ahead*== - Smt. K.J. Udeshi, Deputy Governor, RBI, at B.S.Mehta Auditorium, Jaipur – N.A. Palkhivala Memorial Oration on August 28, 2004. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=162)
17. RBI. (Jan 27, 1999). ==SAARCFinance - 1999 - Emerging Trends in Supervision Perspectives on Regulation & Supervision== - S.P. Talwar, at the meeting of SAARC Supervisors on 27-30 January 1999 at Pune (India). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=12)
18. RBI. (Dec 16, 1998). ==The Changing Dimensions of Supervision and Regulation== - S.P. Talwar, at the Bank Economists' Conference - 1998. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=9)
19. RBI. (Feb 3, 1997). ==RBI-BIS Seminar on Banking Supervision: RBI Governor stresses on capital for strong financial system== - by Dr C Rangarajan at Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=255)
### [[Publications (Data Releases) & Research#Research|Research]]
[Groups/Committees](Groups%20and%20Committees.md)
1. RBI. (Nov, 1995). Report of the Working Group to Review the System of On-Site Supervision Over Banks 1995. [pdf](RBI_Group-Committee_19951108_Report%20of%20the%20Working%20Group%20to%20Review%20the%20System%20of%20On-Site%20Supervision%20Over%20Banks%201995.pdf)
2. RBI. (May, 2000). Report of the Informal Advisory Group on Regulation and Supervision of Financial Institutions. [pdf](RBI_Group-Committee_200005_Report%20of%20the%20Informal%20Advisory%20Group%20on%20Regulation%20and%20Supervision%20of%20Financial%20Institutions%202000.pdf)
3. RBI. Sep 22, 2000. Report of the Advisory Group on Banking Supervision - [Part I](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=185)
4. RBI. Jun 06, 2001. Report of the Advisory Group on Banking Supervision. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=239) | [Part-2](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=186)
5. RBI. (Feb 06, 2002). Report of The Working Group on Consolidated Accounting and Other Quantitative Methods to Facilitate Consolidated Supervision. [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=260) | [pdf](RBI_Group-Committee_200112_Report%20of%20The%20Working%20Group%20on%20Consolidated%20Accounting%20and%20Other%20Quantitative%20Methods%20to%20Facilitate%20Consolidated%20Supervision.pdf)
6. RBI. (June, 2002). Report of The Technical Group on Market Integrity was published. [pdf](RBI_Group-Committee_20020604_Report%20of%20The%20Technical%20Group%20on%20Market%20Integrity.pdf) | [Link](https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=280)
7. RBI. (March 30, 2009). Report (is in 6 volumes, distributed by Foundation Books) of the Committee on Financial Sector Assessment. [Link](Financial%20Sector%20Assessment%20Program%20(FSAP).md#Committee%20on%20Financial%20Sector%20Assessment%20(CFSA))
1. RBI. (Sept 14, 2006). Govt of India constituted Committee on Financial Sector Assessment. [Press Release](RBI_Press%20Release_20060914_RBI%20Announces%20Constitution%20of%20a%20Committee%20on%20Financial%20Sector%20Assessment.pdf)
2. This is India's self assessment of financial sector stability and development, which is different from the Financial Sector Assessment Program (FSAP), a joint program of the International Monetary Fund (IMF) and the World Bank (WB)
3. A [note](Financial%20Sector%20Assessment%20Program%20(FSAP).md) on FSAP and this committee
### [[Publications (Data Releases) & Research#Publications|Publications]]
1. RBI. (Mar 1, 1988). Core Principles of Effective Banking Supervision The Indian Position. Basic Statistical Returns-Annual Publications. [pdf](RBI_Publications_19980301_Core%20Principles%20of%20Effective%20Banking%20Supervision.%20Basic%20Statistical%20Returns-Annual%20Publications.pdf)
2. RBI. (March, 2006). Organisational Evolution and Strategic Planning. Report on Currency and Finance 2004-05. [pdf](RBI_200603_Report_Report%20on%20Currency%20and%20Finance%202004-05.pdf#page=295&selection=0,0,2,2)
3. RBI. (Jan 06, 2009). Urban Banks Department. Annual Publication. [pdf](RBI_Publication_20090106_Urban%20Banks%20Department%20Regulation%20and%20Supervision%20of%20Primary%20(Urban)%20Cooperative%20Banks%20(UCBs).pdf)
### Others
1. Government of India, Ministry of Finance, Department of Financial Services, Lok Sabha, Unstarred Question No. 3579, answered on Monday, 20 December 2021 – Co-operative Banks. [Link](https://sansad.in/getFile/loksabhaquestions/annex/177/AU3579.pdf?source=pqals)
[^1]: RBI. (Jan 06, 2009). Urban Banks Department. Annual Publication. [pdf](RBI_Publication_20090106_Urban%20Banks%20Department%20Regulation%20and%20Supervision%20of%20Primary%20(Urban)%20Cooperative%20Banks%20(UCBs).pdf)
[^2]: RBI. (Mar 1, 1988). Core Principles of Effective Banking Supervision The Indian Position. Basic Statistical Returns-Annual Publications. [pdf](RBI_Publications_19980301_Core%20Principles%20of%20Effective%20Banking%20Supervision.%20Basic%20Statistical%20Returns-Annual%20Publications.pdf)
[^3]: RBI. (March, 2006). Organisational Evolution and Strategic Planning. Report on Currency and Finance 2004-05. [pdf](RBI_200603_Report_Report%20on%20Currency%20and%20Finance%202004-05.pdf#page=295&selection=0,0,2,2)