BANKING AFFAIRS

Detailed explanation-1: -Burma (Myanmar) seceded from the Indian Union in 1937 but the Reserve Bank continued to act as the Central Bank for Burma till Japanese Occupation of Burma and later upto April, 1947.

Detailed explanation-2: -After the Partition of India in August 1947, the bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations. Though set up as a shareholders’ bank, the RBI has been fully owned by the Government of India since its nationalisation in 1949.

Detailed explanation-3: -RBI acts as banker to the Government of Burma and also responsible for note issue in Burma. First Reserve Bank notes issued. The Failure of the Travancore National and Quilon Bank, the largest bank in the Travancore region, underlined the need for comprehensive banking reform and legislation.

Detailed explanation-4: -The Reserve Bank of India is the central bank of the country.

Detailed explanation-5: -The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.