Reserve Bank of India (RBI) enters its 90th year on 1st April 2024.

The Reserve Bank of India (RBI) commenced its operations on 1st of April in 1935 and organizing a ceremony to mark the 90th years on 1st April 2024.

  1. The Reserve Bank of India (RBI) holds a pivotal position as the central bank of India, established based on recommendations from the Hilton Young Commission.
  2. The RBI Act of 1934 provided the statutory foundation for the bank’s functioning, with operations commencing on April 1, 1935.
  3. At its inception, the RBI was entrusted with critical functions including regulating the issue of banknotes, maintaining reserves, and operating the credit and currency system.
  4. Initially, the RBI inherited responsibilities from the Controller of Currency and took over the management of government accounts and public debt from the Imperial Bank of India.
  5. The RBI established branches and banking offices in major cities across India.
  6. In its early days, the RBI focused on development, particularly in the agricultural sector, pioneering the use of finance for development purposes.
  7. The RBI played a significant role in setting up various institutions such as the Deposit Insurance and Credit Guarantee Corporation of India, the Unit Trust of India, the Industrial Development Bank of India, and the National Bank of Agriculture and Rural Development.
  8. Over time, the RBI’s role evolved to include overseeing monetary policy, bank supervision, regulation, and developing financial markets.
  9. The RBI remains a cornerstone of India’s financial resilience and progress from its inception to the present day.

Q: When did the Reserve Bank of India commence its operations?

a) April 1, 1935
b) April 1, 1947
c) January 26, 1950
d) August 15, 1947

Ans : a) April 1, 1935

Q: From which institution did the Reserve Bank of India take over the management of government accounts and public debt?

a) Imperial Bank of India
b) Bank of England
c) State Bank of India
d) Punjab National Bank

Ans : a) Imperial Bank of India

Q: Which commission’s recommendations led to the establishment of the Reserve Bank of India?

a) Simon Commission
b) Butler Commission
c) Hilton Young Commission
d) Hunter Commission

Ans : c) Hilton Young Commission

Q: Where is the headquarters of the Reserve Bank of India (RBI) located?

a) New Delhi
b) Mumbai
c) Kolkata
d) Chennai

Ans : b) Mumbai

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