WBCS.LIVE practice question

The Reserve Bank of India was established in the year

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. 1930
  2. 1935
  3. 1947
  4. 951

Correct answer and explanation

Correct answer: 1935

Explanation: āœ… Correct Answer: B) 1935 šŸ“š Explanation: The Reserve Bank of India (RBI) was formally established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. It initially started as a private shareholders' bank based in Calcutta before moving to Mumbai. The bank was later nationalized in 1949 after independence to function as the country's central monetary authority. It manages the supply of currency and regulates the commercial banking system.