The Reserve Bank of India (RBI) is the central bank of India, established on April 1, 1935, under the Reserve Bank of India Act, 1934. It was set up as a statutory corporation, which means it is created by an Act of Parliament and has a separate legal identity from the government.

Here is a detailed explanation of why the Reserve Bank of India is classified as a statutory corporation:

1. Definition of a statutory corporation:
A statutory corporation is a government-owned corporation established by a specific Act of Parliament or state legislature. It operates at arm's length from the government and has its own legal status, powers, and functions.

2. Creation by an Act of Parliament:
The Reserve Bank of India was established by the Reserve Bank of India Act, 1934. This Act was passed by the Parliament of India, making the RBI a statutory corporation. The Act defines the objectives, functions, and powers of the RBI, as well as its governance structure.

3. Separate legal entity:
As a statutory corporation, the RBI has a separate legal identity from the government of India. It can sue and be sued, enter into contracts, acquire and dispose of property, and perform other legal acts in its own name. This provides the RBI with autonomy and independence in carrying out its functions.

4. Functions and powers:
The RBI is entrusted with the responsibility of regulating and supervising the Indian banking system, managing the country's monetary policy, issuing currency, and maintaining price stability. It also acts as the banker and debt manager to the government and performs various developmental and promotional functions to support the growth of the Indian economy.

5. Governance structure:
The RBI has a board of directors, consisting of a Governor and Deputy Governors, who are appointed by the government. The board is responsible for formulating and implementing the policies and decisions of the RBI. The Governor is the chief executive officer of the RBI and exercises substantial powers in managing its affairs.

In conclusion, the Reserve Bank of India is classified as a statutory corporation because it was established by an Act of Parliament, has a separate legal identity, and operates independently of the government in carrying out its functions and powers.

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