Establishment of the Reserve Bank of India
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Questions and Answers

In which year was the Reserve Bank of India (RBI) officially inaugurated?

  • 1934
  • 1935 (correct)
  • 1947
  • 1949
  • What legislation led to the establishment of the Reserve Bank of India?

  • Public Ownership Act of 1948
  • RBI Act of 1934 (correct)
  • Transfer of Ownership Act
  • Indian Banking Regulation Act
  • When was the Reserve Bank of India nationalized?

  • April 1, 1935
  • August 15, 1947
  • March 12, 1948
  • January 1, 1949 (correct)
  • Which of the following statements about the RBI is accurate?

    <p>It is a state-owned institution.</p> Signup and view all the answers

    How many attempts were made to introduce the bill for establishing the RBI before it was passed?

    <p>Two attempts, one in 1927 and another in 1933</p> Signup and view all the answers

    Study Notes

    Establishment of the Reserve Bank of India (RBI)

    • Initial bill to establish RBI was introduced in January 1927 but failed to pass.
    • A revised bill was introduced in 1933, leading to the successful passing of the RBI Act in 1934.
    • The Reserve Bank of India Act came into effect in 1934, marking the formal establishment of the institution.
    • RBI was officially inaugurated on April 1, 1935, starting its operations as India's central bank.

    Importance and Ownership

    • RBI is recognized as the oldest banking regulator among developing countries, highlighting its experience and significance.
    • Operates as a state-owned institution under the Transfer of Public Ownership Act of 1948.
    • Nationalized on January 1, 1949, positioning it as a key player in India's financial system and governance.

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    Description

    This quiz covers the establishment of the Reserve Bank of India, including key dates such as the introduction of the initial bill in 1927 and the passing of the RBI Act in 1934. Test your knowledge about the importance and ownership of RBI, as well as its official inauguration on April 1, 1935.

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