The RBI was established initially as a private organisation but was nationalised in 1949. A central board of directors that is selected by the federal government oversees the reserve bank. Since the Reserve Bank of India Act specified that the government of India now fully owns the bank, the government has always nominated the RBI's directors. The term of a director's appointment is four years.
 

The RBI's website states that its present priorities are to maintain the heightened oversight of financial institutions, while also addressing legal concerns around consolidated accounting and bank fraud, and working to develop a supervisory rating model for its banks.

Activities of the Reserve Bank.

The Reserve Bank has the exclusive right to print all of the nation's currency notes. Except for the one rupee note, it has the exclusive right to print currency notes in various denominations (which is issued by the Ministry of Finance).

The Reserve Bank also serves as a banker, agent, and advisor to the federal government of India as well as the governments of the states. It carries out all of the State and Central Government's banking duties and offers the government helpful guidance on issues pertaining to economic and monetary policy. It also oversees the government's public debt.

Banker's Bank: The Reserve Bank serves the other commercial banks' customers in the same ways that other banks typically do. All of the nation's commercial banks are given loans by the RBI.

The RBI is in charge of overseeing the credit that commercial banks create. RBI has two strategies to manage the excess money flow in the economy. These tactics use both quantitative and qualitative ways to control and regulate the nation's credit flow. 

The Reserve Bank also engages in a variety of different sorts of development. These tasks include collecting and publishing economic data, buying and selling government securities (such as gilt-edged securities and treasury bills), issuing loans to the government, buying and selling valuable commodities, and clearinghouse arrangements for agricultural credit, which have all been transferred to NABARD.

 Additionally, it represents India's membership in the IMF and serves as the government's representation there.

Hope you liked my answer.