<P> The RBI plays an important part in the Development Strategy of the Government of India . It is a member bank of the Asian Clearing Union . The general superintendence and direction of the RBI is entrusted with the 21 - member central board of directors: the governor; 4 deputy governors; 2 finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary); 10 government - nominated directors to represent important elements of India's economy; and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi . Each of these local boards consists of 5 members who represent regional interests, the interests of co-operative and indigenous banks . </P> <P> The central bank was an independent apex monetary authority which regulates banks and provides important financial services like storing of foreign exchange reserves, control of inflation, monetary policy report till 2016 August . A central bank is known by different names in different countries . The functions of a central bank vary from country to country and are autonomous or quasi-autonomous body and perform or through another agency vital monetary functions in the country . A central bank is a vital financial apex institution of an economy and the key objects of central banks may differ from country to country still they perform activities and functions with the goal of maintaining economic stability and growth of an economy . </P> <P> The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI). The bank is often referred to by the name Mint Street . RBI is also known as banker's bank . </P> <P> The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as: </P>

Explain the role of rbi is the development of financial sector