The Reserve Bank of India (RBI) is the central banking institution of India that regulates the monetary policy and supervises the banking system in the country. It has been vested with extensive powers to control and supervise the commercial banking system under two main acts:

1. Reserve Bank of India Act, 1934: This act provides the legal framework for the establishment, functioning, and regulation of the RBI. It defines the objectives, powers, and functions of the RBI, including the issuance of currency, maintenance of monetary stability, and management of the foreign exchange reserves. The act also empowers the RBI to regulate and supervise the banking system in India.

2. The Banking Regulation Act, 1949: This act provides the regulatory framework for the banking system in India. It defines the legal status, powers, functions, and responsibilities of banks, including licensing, inspection, and supervision by the RBI. The act also lays down the rules and regulations for the operation and management of banks, including provisions for deposit insurance, reserve requirements, and control over capital and lending activities.

Both these acts together give the RBI extensive powers to control and supervise the commercial banking system in India, including:

- Licensing and regulation of banks: The RBI has the power to issue licenses to banks and regulate their operations, including the opening and closing of branches, mergers and acquisitions, and capital adequacy requirements.

- Supervision and inspection of banks: The RBI conducts regular inspections and audits of banks to ensure compliance with regulations, assess their financial health, and identify any risks or weaknesses.

- Control over monetary policy: The RBI has the authority to formulate and implement monetary policy measures, including setting interest rates, managing liquidity, and controlling the money supply.

- Management of foreign exchange reserves: The RBI manages India's foreign exchange reserves and intervenes in the foreign exchange market to maintain stability in the value of the rupee.

- Consumer protection: The RBI is responsible for protecting the interests of consumers of banking services, including ensuring transparency, fair practices, and grievance redressal.

In conclusion, the RBI has been vested with extensive powers under the Reserve Bank of India Act, 1934, and The Banking Regulation Act, 1949, to regulate and supervise the commercial banking system in India. These powers enable the RBI to maintain financial stability, promote economic growth, and protect the interests of consumers.

This role is governed by both the acts. That's why the answer is this.