In addition to its role as monetary authority, the RBI has responsibilities for forex management and government domestic debt management – both national and sub national. It is also the banking regulator – it regulates commercial banks, cooperative banks (both rural and urban), financial institutions and non banking financial companies.
It has a developmental role to ensure inclusive growth – thus, policies on rural credit, SME and financial inclusion are an integral part of its functions. Impact of the global crisis on India The direct effect of the global financial crisis on the Indian banking and financial system was almost negligible, thanks to the limited exposure to riskier assets and derivatives.