What are the functions of Reserve Bank of India to secure monetary stability in India ?

The Reserve Bank of India (RBI) holds a pivotal position in the fiscal structure of India. RBI is the banker's bank. The RBI has been constituted under the Reserve Bank of India Act, 1934. The Preamble to the Reserve Bank of India Act, 1934, under which it was constituted, specifies its objective as regulation of the issue of bank notes and the keeping of reserves with a view to securing monetary stability in India, generally to operate the currency and credit system of the country to its advantage and operation of the monetary policy framework in India. Thus, the Reserve Bank's mandate for monetary policy flows from its monetary stability objective. Essentially, monetary policy deals with the use of various policy instruments for inflow and the cost and availability of money in the economy. The Reserve Bank of India (RBI) is vested with the responsibility of adopting and implementing monetary policy. This responsibility is explicitly mandated under the RBI Act. The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. Price stability is a necessary precondition to sustainable growth. Further, the functions of the Reserve Bank of India are: Banking Functions Issue bank notes Monetary Policy Functions Public Debt Functions Foreign Exchange Management Banking Regulation & Supervision Regulation and Supervision of NBFCs Regulation & Supervision of Co-operative banks Regulation of Derivatives and Money Market Instruments Payment and Settlement Functions Consumer Protection Functions Financial Inclusion and Development Functions etc.