Question

Consider the following statements: 

1. Reserve Bank of India was nationalized on 26 January, 1950 

2. The borrowing programme of the Government of India is handled by the Department of Expenditure, Ministry of Finance 

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

Answer 1

(d) RBI was established in 1935 and its shares were held by private individuals. There are 20 directors who govern its activities. It was nationalized on 1 January, 1949. 

The borrowing programme of the Government of India is handled by Department of Economic Affairs under Union Finance Ministry.