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The Reserve Bank of India was set up on April 1, 1935. It is one of the few central banks to document its institutional history. So far, it has brought out four volumes of its history. Volume 1, covering the period from 1935 to 1951, was published in 1970. It details the initiatives taken to put in place a central bank for India and covers the formative years of the Reserve Bank. It highlights the challenges faced by the Reserve Bank and the Government during World War II and the post-independence era.

Reserve Banks history was also released by Dr. Manmohan Singh, Honble Prime Minister of India on August 17, 2013. It covers the eventful 16 years from 1981 to 1997 and is published in two parts, Part A and Part B, which ideally should be read in continuum. Part A focusses on the transformation of the Indian economy from a regime of restrictions to progressive liberalisation. The 1980s were characterised by an expansionary fiscal policy accompanied by automatic monetisation of budgetary deficit that strained the conduct of monetary policy. Similarly, a highly regulated banking system impaired efficiency. The domestic macroeconomic imbalances combined with deteriorating external conditions triggered the balance of payments (BoP) crisis of 1991. Subsequent reforms ushered in far reaching changes not only in the economy but also in central banking. Part B of the volume captures the implementation of structural and financial sector reforms: fiscal correction and phasing out of automatic monetisation development of government securities market and greater integration among money, securities and foreign exchange markets. It also covers the transformation in banking with liberalisation and improvement in credit delivery. At the same time, the Reserve Bank had to contend with a securities scam which led to the introduction of better control systems and strengthening of the payment and settlement system