BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In which year for the first time a bill was introduced in the Indian Legislative Assembly for the creation of RBI?

A	1927
B	1928
C	1929
D	1930

Explanation:

Detailed explanation-1: -LEGISLATION to set up the Reserve Bank of India was first introduced in January 1927, though it was only seven years later, in March 1934, that the enactment became an accomplished fact.

Detailed explanation-2: -The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935. * To operate the credit and currency system of the country to its advantage.

Detailed explanation-3: -Royal Commission on Indian Currency (Hilton Young Commission) recommends the establishment of a central bank to be called the ‘Reserve Bank of India’. Indian Central Banking Enquiry Committee revives the issue of the establishment of the Reserve Bank of India as the Central Bank for India.

Detailed explanation-4: -Indian Central Banking Enquiry Committee revives the issue of the establishment of the Reserve Bank of India as the Central Bank for India. Reserve Bank of India Act, 1934, (II of 1934) constitutes the statutory basis on which the Bank is established.

There is 1 question to complete.