Indian regulators and government

    Reserve Bank of India (RBI)

    India's central bank and banking regulator, setting climate and green finance rules for banks and NBFCs.

    Official site

    Background

    RBI was set up in 1935. It runs monetary policy, regulates banks and NBFCs, and manages the government's borrowing, including sovereign green bond auctions.

    Scope and powers

    RBI's November 2025 Directions on climate finance and climate risk set rules for green deposits and green finance at banks, small finance banks and deposit-taking NBFCs. It released a draft climate-related disclosure framework in February 2024, ran a pilot climate stress test with 15 banks in 2022, and is a member of the NGFS.

    Investor relevance

    For bank and NBFC investors, RBI rules shape how climate risk is measured and disclosed. RBI's issuance calendars and auction results are the source for sovereign green bond data.

    Related guides

    Key glossary terms

    Last reviewed: October 2026