law: Reserve Bank of India Act, 1934
  3. Establishment and incorporation of Reserve Bank 
  (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 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.