Which of the following statements is/are correct about a non-Constitutional body, Reserve Bank of India (RBI)?

(1) RBI performs several crucial functions like regulating and supervising the banking system, managing the currency and credit system and managing foreign exchange reserves.

(2) RBI was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

(3) The Central Office of the RBI was initially established in Kolkata but was permanently moved to Mumbai in 1937

The correct option is (1), (2) and (3).

Let us analyze each statement step-by-step to understand why they are all correct:

Statement (1) is correct:
The Reserve Bank of India (RBI) serves as the nation's central bank. As a regulatory authority, its primary responsibilities include maintaining monetary stability, regulating and supervising commercial banks and financial institutions, controlling credit flow in the economy, and managing the country's foreign exchange reserves (Forex).

Statement (2) is correct:
The RBI was established on April 1, 1935. Its creation was governed by the statutory provisions laid down in the Reserve Bank of India Act, 1934, following the recommendations of the Hilton Young Commission.

Statement (3) is correct:
When the RBI began its operations in 1935, its Central Office was set up in Calcutta (now Kolkata). However, in 1937, this office was permanently relocated to Bombay (now Mumbai), where it remains situated today.

Since all three statements are historically and operationally accurate, the combined option statement containing (1), (2), and (3) is correct.