Thats an Residual Current Device. Its purpose is to detect an inbalance between phase and neutral conductors and to disconnect the supply in the event that it finds one. An inbalance shows that current is flowing from the phase conductor but not all of it is returning via the neutral, hence some must be flowing to earth somewhere.
The 'reset' button is actually a test button - this tests the mechanical working of the device and should be operated atleast quarterly. You should have a label affixed somewhere nearby that states this.
i second that, from your use of the words "earth leakage" it may be an ELCB rather than an RCD which if i understand they dont work very well (ie unsafe) and if you have one it is likely you have a TT earthing arrangement (through an earth rod) so if it is an ELCB it may be time to replace it with an RCD.
(a lot of ifs and buts in there but hopefully you see why it would be good to post a picture)
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