The Reserve Bank of India was established in the Year:
Correct Answer :
1935
Solution :
The correct option is 1935.
Step-by-step Explanation:
1. The Reserve Bank of India (RBI) is the central bank of India and regulates the Indian banking system.
2. It was established based on the recommendations of the Hilton Young Commission (also known as the Royal Commission on Indian Currency and Finance).
3. The bank was set up under the Reserve Bank of India Act, 1934 and officially commenced its operations on April 1, 1935.
4. Initially headquartered in Kolkata, it was permanently moved to Mumbai in 1937. The Reserve Bank was nationalized on January 1, 1949.
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