search
arrow-left Previous
Next arrow-right
Q: The Reserve Bank of India was established on 1 April ____ with a share capital of Rs. 5 crore.
  • A. 1940
  • B. 1935
  • C. 1945
  • D. 1930
Correct Answer: Option B - In 1926, the Hilton Young Commission recommended the setting up of the Reserve Bank of India. At that time, the authorized capital of the Reserve Bank of India was Rs. 5 crores. Reserve Bank of India was established on 1 April 1935 in accordance with the provisions of the RBI Act, 1934. The central office of the RBI was initially established in Calcutta but was permanently moved to Mumbai in 1937. It regulates the credit and currency system in India.
B. In 1926, the Hilton Young Commission recommended the setting up of the Reserve Bank of India. At that time, the authorized capital of the Reserve Bank of India was Rs. 5 crores. Reserve Bank of India was established on 1 April 1935 in accordance with the provisions of the RBI Act, 1934. The central office of the RBI was initially established in Calcutta but was permanently moved to Mumbai in 1937. It regulates the credit and currency system in India.

Explanations:

In 1926, the Hilton Young Commission recommended the setting up of the Reserve Bank of India. At that time, the authorized capital of the Reserve Bank of India was Rs. 5 crores. Reserve Bank of India was established on 1 April 1935 in accordance with the provisions of the RBI Act, 1934. The central office of the RBI was initially established in Calcutta but was permanently moved to Mumbai in 1937. It regulates the credit and currency system in India.