The RBI is placed under the Entry 38 of List 1 of Schedule VII of the Constitution of India, which is the Union List.
2  BIS Review 125/2007  The Preamble to the RBI Act describes the basic objective as "to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally, to operate the currency and credit system of the country to its advantage". Thus, there is no explicit mandate for price-stability or formal inflation targeting.