ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1945
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1947
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1935
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1953
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Detailed explanation-1: -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.
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: -Lord Reading is the viceroy who appointed the ‘Hilton Young commission’ which led to the establishment of RBI. The Hilton Young Commission was appointed in 1926. It was also called the “royal commission". The Reserve Bank of India was established on 1st April 1935.