State Bank of India

The Indian rupee (₹) is the only legal tender in India, and is also accepted as legal tender in neighbouring Nepal and Bhutan, both of which peg their currency to that of the Indian rupee. The rupee is divided into 100 paise. The highest-denomination banknote is the ₹2,000 note; the lowest-denomination coin in circulation is the 50 paise coin.[377] Since 30 June 2011, all denominations below 50 paise have ceased to be legal currency.[378][379] India's monetary system is managed by the Reserve Bank of India (RBI), the country's central bank.[380] Established on 1 April 1935 and nationalised in 1949, the RBI serves as the nation's monetary authority, regulator and supervisor of the monetary system, banker to the government, custodian of foreign exchange reserves, and as an issuer of currency. It is governed by a central board of directors, headed by a governor who is appointed by the Government of India.[381] The benchmark interest rates are set by the Monetary Policy Committee.