Question : The establishment of the Reserve Bank of India (RBI) took place in the year:
Option 1: 1947
Option 2: 1951
Option 3: 1935
Option 4: 1969
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Answer (1)
18th Jan, 2024
Correct Answer: 1935
Solution : The correct answer is (c) 1935.
The Reserve Bank of India was established on April 1, 1935, based on the recommendations of the Hilton Young Commission. It was originally established as a private shareholders' bank but was nationalized in 1949, becoming fully owned by the Government of India. The RBI serves as the central banking institution of India and is responsible for the regulation and supervision of the country's banking system, monetary policy formulation, currency issuance, and management of foreign exchange reserves.
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