(d) The Reserve Bank of India
The Reserve Bank of India issues currency notes on behalf of the Central Government. As per Indian law, no other individual or organisation is allowed to issue currency.
Source: Money and Credit, Modern Forms of Money — Currency section
The passage explicitly states: "In India, the Reserve Bank of India issues currency notes on behalf of the central government." Note that while the RBI acts on behalf of the Central Government, it is the RBI — not the Government or Finance Ministry — that actually issues the notes. This is a frequently tested factual point.