BANKING AFFAIRS

Detailed explanation-1: -June 1942 saw the occupation of Burma by Japanese which lasted till 1945. Thereafter, monetary matters were looked after by the British Military Administration of Burma. The Reserve Bank recommenced its Rangoon Office in 1945 and carried on functioning as banker to the Government of Burma till April 1, 1947.

Detailed explanation-2: -1942: The Reserve Bank ceased to be the currency issuing authority of Burma (now Myanmar). 1947: The Reserve Bank stopped acting as banker to the Government of Burma.

Detailed explanation-3: -Government of India continued to issue currency notes till 1935 when the Reserve Bank of India took over the functions of the Controller of Currency.

Detailed explanation-4: -India pre 1991 was considered as a regulatory state. The change was in the role of markets, public private partnership, withdrawal of state as the dominant employer. The 1991 liberalization enhanced the role of RBI and burdened it further, though positively.

Detailed explanation-5: -The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. 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.