How was the Establishment and incorporation of Reserve Bank? Section 3 of Reserve Bank of India Act 1934
(1) A bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the Central Government and of carrying on the business of banking in accordance with the provisions of this Act.
(2) The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual succession and a common seal, and shall by the said name sue and be sued.
Section 3 - Establishment and incorporation of Reserve Bank
Section 4 - Capital of the Bank
Section 5 - Increase and reduction of Share Capital
Section 6 - Offices, branches and agencies
Section 8 - Composition of the Central Board and term of office of Directors
Section 9 - Local Boards, their constitution and functions
Section 10 - Disqualifications of Directors and members of Local Boards
Section 11 - Removal from and vacation of office
Section 12 - Casual vacancies and absences
Section 13 - Meetings of the Central Board
Section 17 - Business which the Bank may transact
Section 18 - Power of direct discount
Section 18A - Validity of loan or advance not to be questioned
Section 19 - Business which the Bank may not transact
CHAPTER III CENTRAL BANKING FUNCTION
Section 20 - Obligation of the Bank to transact Government business