2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1st Jan, 1949
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28th Aug, 1947
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1st Jan, 1947
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28th Aug, 1947
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Detailed explanation-1: -The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.
Detailed explanation-2: -In 1969, the Indian Government nationalized the bank on 19 July, together with 13 others.
Detailed explanation-3: -The name has always been Reserve Bank of India. It was established through the Reserve Bank of India (RBI) Act, 1934. It took over functions which were performed by Imperial Bank of India.
Detailed explanation-4: -Hilton Young Commission Hilton-Young Commission was the Royal Commission on Indian Currency and Finance set up by British Government in 1920s.