(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 1 [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.
1Subs. by the M.O. 1937, for “G.G. in C.”.