The financial sector plays an important role in the economy by providing financial resources to the agents of production. In order to ensure that productive activities are able to function effectively financial sector has to ensure optimal use of resources.

This paper attempts to document the nature of various approaches taken by the RBI and the government with regard to financial sector during the COVID pandemic crisis. This paper has been divided into six sections. Section 2 documents the approach of the Reserve Bank of India (RBI) in dealing with the crisis. Section 3 examines the role of Central Government in maintaining financial sector accessibility and sustainability. Section 4 examines how the RBI and the Central Government closely coordinated and supported each other’s policy measures. This was followed by a brief analysis of international comparison on various approaches towards the crisis by the monetary authorities. The last section provides a conclusion.