Questions and Answers
In which year was the Reserve Bank of India (RBI) officially inaugurated?
What legislation led to the establishment of the Reserve Bank of India?
When was the Reserve Bank of India nationalized?
Which of the following statements about the RBI is accurate?
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How many attempts were made to introduce the bill for establishing the RBI before it was passed?
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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.
