Glossary entry

RBI

The RBI, or Reserve Bank of India, is the central bank of India. Among its functions it formulates and monitors monetary policy and administers the Foreign Exchange Management Act, 1999, whose stated objective is to facilitate external trade and payment and promote orderly development and maintenance of the foreign exchange market in India. For senders, that means the rules on remittances and non-resident accounts come from the RBI framework. Check its pages for official guidance. See also: NRE account, repatriation, and the guide Sending Money from the UK to India.