Consider the following statements regarding the Reserve Bank of India (RBI) : 1. RBI was established in 1935. 2. RBI was established on the recommendations of the Hilton Young Commission. 3. RBI was nationalised in 1959. Which of the above statements are correct ?
1 and 2 only
Statement 1 is correct: the Reserve Bank of India began operations on 1 April 1935 under the Reserve Bank of India Act, 1934.
Statement 2 is correct: the bank was set up on the recommendations of the Royal Commission on Indian Currency and Finance (1926), popularly called the Hilton Young Commission.
Statement 3 is incorrect: the RBI was originally a shareholders' bank and was nationalised on 1 January 1949 under the Reserve Bank (Transfer to Public Ownership) Act, 1948, not in 1959.
Hence, 1 and 2 only.
Similar Questions
In April 2025, RBI operationalised which exclusive internet domain for banks to strengthen cybersecurity ?
Important Questions from Reserve Bank of India
Which of the following is not the function of Reserve Bank of India?
Which of the following banks issues currency notes in India?
Who is the Governor of the Reserve Bank of India? (As of 2017)
Which of the following statements related to the Reserve Bank of India (RBI) is/are true?
Statements:
I. RBI was established under the Reserve Bank of India Act, 1935.
II. RBI maintains a current account of State Governments for keeping their cash balances.
III. Sir Benegal Rama Rau was the longest serving governor of RBI.
Which of the following functions of Reserve Bank of India are correct?
I. Banker to Banks
II. Currency Issuer
