On which date was the Reserve Bank of India established?

a. April 1, 1935

b. July 12, 1982

c. January 1, 1949

d. August 15, 1947

 

ANSWER: April 1, 1935

Explanation:

On April 1, 1935, the Reserve Bank of India, which is the central bank of this country, was established.

It was originally started as a shareholders' bank with a share capital of Rs. 5 crore divided into shares of Rs. 100 each, fully paid-up.

But since January, 1949 the Reserve Bank has been nationalized and it is now purely a concern of the State.

The Government of India holds the entire share capital of the bank which has been acquired by payment of compensation to the shareholders.

RBI – Reserve Bank of India

• Founded : 1 April 1935; 81 years ago
• Headquarter : Mumbai, India
• Current Governor : Urjit Patel (September 2016 - Present)