When was RBI nationalized?

Question

1 Answer

answered Mar 4, 2022 by Mahendrak (121k points)
selected Mar 4, 2022 by Harshwardhan

Best answer

Correct Answer - Option 3 : 1949

The Correct Answer is 1949.

About RBI

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.
Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

Preamble

To regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.
To have a modern monetary policy framework to meet the challenge of an increasingly complex economy.
To maintain price stability while keeping in mind the objective of growth