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Globally, the understanding about the systematic impacts of climate change on the economic and financial systems is still evolving. Broadly, the climate-related risks impact the financials sector through two channels - (a) physical risks and (b) transition risks. Physical risks refer to the economic and financial losses such as risk to the value of a collateral etc., resulting from the increasing frequency and severity of extreme weather events, gradual long-term shifts of the climate and indirect effects of climate change (such as impact on ecosystem services etc.). Transition risks are the ones that arise from the process of adjustments towards a low-carbon economy. Its drivers include policies for climate mitigation, technological advances and shifts in public sentiments including that of customers and investors. To cope with such risks, the central bank needs to develop a multi-pronged strategy that puts adequate emphasis on climate- related financial disclosures, stress testing, climate scenario analysis and at the same time devising suitable regulatory initiatives. The Indian Central Bank has set up the Sustainable Finance Group in this regard. This aligns with its mission, "to promote the economic and financial well being of the people of India in terms of price and financial stability: fair and universal access to financial services and a robust, dynamic and responsive financial intermediation infrastructure."