The clear answer to the year in which RBI was formally inaugurated is that RBI was formally inaugurated on 01 April 1935 as per the provisions of the RBI Act, 1934. Initially the central office of RBI was established in Kolkata, which was permanently shifted to Mumbai, the financial capital of India in the year 1937. The interesting thing about RBI is that the Hilton Young Commission played an important role in its establishment, because on the recommendation of this Commission, RBI was established in India by the British Government. RBI is the supreme central bank of India, which issues currency notes of India along with monitoring the banking system in the country for economic and social development.
FAQ
- On whose recommendation was RBI established?
RBI was established on the recommendation of the Hilton Young Commission, which was an institution created by the British.
- Who is the founder of RBI?
The founder of RBI is British.
- Why is RBI called the bank of banks?
RBI makes guidelines and laws for all types of banks in India, hence it is called the bank of banks.
- When was RBI nationalized?
RBI was nationalized on 01 January 1949.
- What is the old name of RBI?
The old name of RBI was RBI, whose full form is Reserve Bank of India.
- Where is the headquarters of RBI?
The headquarters of RBI is located in Mumbai, India.
- Who is the owner of RBI?
RBI is owned by the Government of India.