Reserve Bank of India

India's central bank, set up in 1935 and owned by the government since 1949. It sets monetary policy through the Monetary Policy Committee, regulates and supervises banks and non-bank lenders, runs the payment systems, manages the government's borrowing and holds the country's foreign exchange reserves.

Its monetary job has a legal target: consumer price inflation of 4%, with a tolerance band of 2% to 6%, under the framework adopted in 2016. Its tools are the repo rate and the corridor around it, and liquidity operations. It also uses the cash reserve ratio and intervention in the currency market.

For an analyst its regulatory output matters as much as its rate decisions. A change in risk weights on unsecured loans moves earnings more directly than a 25 basis point change in the repo rate. So does a new provisioning rule, or an order restricting a lender's business.

Read its circulars as well as its policy statements.