Question 1
EasyOriginal questionThe Reserve Bank of India was established under which Act?
Show the answer and explanation
CorrectNot quiteAnswer C
Correct answer: C
Explanation
The RBI Act was passed in 1934 and the Bank began operations on 1 April 1935.
The Banking Regulation Act of 1949 came later and governs the banks the RBI supervises, not the RBI itself.
So the year in the Act's name and the year the Bank opened are deliberately one apart.
Worth noting
The RBI was privately owned at the start and was nationalised in 1949, the same year the Banking Regulation Act was passed.
- Concept
- The statute the Reserve Bank was created under
- Typical timeTypical
- 30 s
- Your timeYours
- —
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