RBI Establishment Commission
The Reserve Bank of India (RBI) was established based on the recommendations of the Hilton Young Commission.
Hilton Young Commission's Role
The Hilton Young Commission, also known as the Royal Commission on Indian Currency and Finance, was appointed in 1926. Its primary objective was to examine India's financial and monetary system. The commission strongly recommended the establishment of a separate Reserve Bank of India to:
- Regulate the issue of banknotes.
- Maintain monetary stability in India.
- Manage the country's currency and credit system.
Establishment Details
The RBI was eventually established on April 1, 1935, following the passage of the Reserve Bank of India Act, 1934, which incorporated the key suggestions of the Hilton Young Commission.
Other Commissions
The other commissions mentioned are not directly associated with the establishment of the RBI:
- Myrdal Commission: Gunnar Myrdal was a Swedish economist known for his work on the welfare state and economic development, not directly linked to RBI's founding.
- Fulton Commission: Typically associated with civil service reforms in the UK.
- Abhijit Sain Commission: This name doesn't correspond to a well-known commission related to the RBI's establishment.
Therefore, the Hilton Young Commission is the correct basis for the RBI's establishment.
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A. Berlin Wall is constructed
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Choose the correct answer from the options given below:Who among the following political thinkers consider the anarchical self help system to be a compelling factor for States to maximise their relative power positions?
