Single correct option
Consider the following statements about the Reserve Bank of India:
1. It was established in 1935 under the Reserve Bank of India Act, 1934.
2. It was nationalised in 1949.
Which of the statements given above is/are correct?
1. It was established in 1935 under the Reserve Bank of India Act, 1934.
2. It was nationalised in 1949.
Which of the statements given above is/are correct?
- A. 1 only
- B. 2 only
- C. Both 1 and 2
- D. Neither 1 nor 2
Show answer and solution
Answer: (C) Both 1 and 2
Both are correct. The RBI started working on 1 April 1935, as a shareholders' bank, following the 1934 Act and the Hilton Young Commission recommendation. It was nationalised on 1 January 1949, after independence, through the Reserve Bank (Transfer to Public Ownership) Act. Its first Governor was Sir Osborne Smith, and C. D. Deshmukh was the first Indian Governor.
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