Question

RBI was nationalized in _______.
1. 1949
2. 1962
3. 1947
4. 1955

Answer 1

Correct Answer - Option 1 : 1949

The correct answer is 1949.

• RBI was nationalized in 1949.
  • The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.
  • All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.

• The Reserve Bank of India (RBI) is India's central bank and regulatory body and is responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system.
  • It also manages the country's main payment systems and works to promote its economic development. 
  • Bharatiya Reserve Bank Note Mudran is one of the specialised divisions of RBI through which it mints Indian bank notes and coins.
  • RBI established the National Payment Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. 
  • Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.
• Nationalization is the process of taking privately-controlled companies, industries, or assets and putting them under the control of the government.

• Shaktikanta Das : 
  • Currently, Shaktikanta Das serving as the 25th governor of the Reserve Bank of India (RBI).
  • He was appointed Governor of the Reserve Bank of India by the ACC on 11 December 2018 for three years, replacing Urjit Patel who had resigned the day before.
    • He has also served as India’s Alternate Governor in the World Bank, ADB, NDB & AIIB.
    • He has represented India in various international forums like the IMF, G20, BRICS, SAARC, etc.
    • He was earlier a member of the Fifteenth Finance Commission and India's Sherpa to the G20.
• Raghuram Rajan :
  • On 6 August 2013, Raghuram Rajan was announced as the Governor of the Reserve Bank of India for a term of 3 years.
  • He was serving as the 23rd governor of RBI.
  • In 2016, he was named by Time in its list of the '100 Most Influential People in the World'.
  • In 2015, during his tenure at the RBI, he became the Vice-Chairman of the Bank for International Settlements.
  • Awards: Financial Times and McKinsey Business Book of the Year Award.