BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1 January 1934
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1 January 1935
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1 April 1935
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31 March 1934
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Detailed explanation-1: -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.
Detailed explanation-2: -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.
Detailed explanation-3: -Sir Osborne Smith was the first Governor of the Reserve Bank.
Detailed explanation-4: -A unified single market-determined exchange rate system based on the demand for and supply of foreign exchange replaced the LERMS effective March 1, 1993. The Reserve Bank’s exchange rate policy focusses on ensuring orderly conditions in the foreign exchange market.