When was Reserve Bank of India established?

Question

Question

This question was previously asked in

NTPC CBT-I (Held On: 4 Jan 2021 Shift 2)

Answer 1

The correct answer is April 1935.

Key Points

The Reserve Bank of India was established in April 1935.
The RBI was nationalised on 1 January 1949.
The Reserve Bank of India controls the issue and supply of the Indian rupee.
It is basically the regulator of the Banking system in India. It strategizes monetary policy in India to control Inflation and money supply.
The primary functions of the RBI include-
- Formulates, implements and monitors the monetary policy
- Regulator and supervisor of the financial system
- Manager of Foreign Exchange
- Issuer of currency
- Regulator and Supervisor of Payment and Settlement Systems
Sir Osborne A Smith was the first governor of the Reserve Bank of India.
He held the post of governor from 1 April 1935 to 30 June 1937.
Shri Shaktikanta Das is the present Governor of the RBI.
He assumed charge as the 25th Governor of the Reserve Bank of India effective from December 12, 2018.