Vol. 7, Issue 1, Part F (2021)

Abstract
The RBI is the central bank of India, which means it is responsible for managing the country’s monetary policy, regulating the financial sector, issuing currency, overseeing foreign exchange, and serving as the Indian government’s bank. The RBI has a mandate to maintain price stability, support economic growth, and ensure financial stability in the country. The RBI supports the shift to a low-carbon economy as one of the ways it contributes to economic sustainability. To evaluate the condition and preparedness of the top scheduled commercial banks in India, the RBI also conducted a study on climate risk and sustainable finance. The RBI also promotes financial inclusion and growth in order to maintain economic sustainability. The RBI has implemented a number of initiatives to increase the unbanked and underbanked populations' access to formal financial services, including granting licenses to small finance banks, payments banks, and microfinance companies. The RBI has also started programs to increase public awareness of financial literacy and consumer protection. Facilitating innovation and digital transformation in the financial industry is the RBI's third strategy for boosting economic sustainability. In order to increase efficiency, security, and convenience in banking and payments, the RBI has promoted the adoption of innovative technologies such as fintech, blockchain, artificial intelligence, and cloud computing. Additionally, the RBI has established regulatory sandboxes that allow for regulated testing of novel goods and services. These are only a few of the functions that the RBI performs to help shape the Indian economy and guarantee its long-term viability. However, there are a great deal more factors and difficulties that the RBI must overcome in order to achieve its goals.