State the role of Reserve Bank of India.
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Reserve Bank of India (RBI) is India’s central bank. It controls the monetary policy concerning the national currency, the Indian rupee. The basic functions of the RBI are the issuance of currency, to sustain monetary stability in India, to operate the currency, and maintain the country’s credit system.
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RBI manages the FOREX Reserves of India.
It is responsible for maintaining the value of the Rupee outside the country.
It aids foreign trade payment.
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