PREVIOUSLY ASKED IN:
WBPSC Miscellaneous Preliminary 2023
Answer
1935
Explanation
The Reserve Bank of India (RBI), the nation's central bank, was established on April 1, 1935. It was set up in accordance with the provisions of the Reserve Bank of India Act, 1934, based on the recommendations of the Hilton Young Commission. The Central Office was initially established in Kolkata but was permanently moved to Mumbai in 1937.
Key Points
- > Established: April 1, 1935.
- > Commission: Hilton Young Commission.
- > Nationalized on: January 1, 1949.
- > First Governor: Sir Osborne Smith.
- > First Indian Governor: C.D. Deshmukh.
- > The RBI is the sole authority for issuing currency notes (except the One Rupee note).
- > It formulates and implements India's Monetary Policy.
Additional Information
Key Banking Milestones
| Event | Year | Details |
|---|---|---|
| RBI Established | 1935 | Under RBI Act 1934 |
| RBI Nationalized | 1949 | Became Govt. owned |
| SBI Created | 1955 | Renamed from Imperial Bank |
| Banks Nationalized | 1969 | 14 major banks nationalized |
Memory Tips
- 34-35 Rule: The Act passed in 1934, and the bank opened its doors in 1935.