Reserve Bank of India

Brief History

Established in 1934, but began business in April 1935. In 1948, the bank was nationalised under the Reserve Bank of India (Transfer to Public Ownership) Act of 1948, effective from 1 January 1949. The government acquired the entire share capital of bank against compensation to shareholders. The central board of directors is nominated by the central government. The Reserve Bank of India (RBI) is the monetary authority in India. It also regulates and supervises the financial system

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