Previous Year Question

The headquarters of the Reserve Bank of India (RBI) is located in Mumbai, Maharashtra. It was established on 1 April 1935 under the Reserve Bank of India Act, 1934.

The Central Office of the RBI was initially established in Kolkata and was permanently shifted to Mumbai in 1937. The Central Office is the place where the RBI Governor sits and the bank's major policies are formulated.

The RBI was established on the recommendations of the Hilton Young Commission (1926), also known as the Royal Commission on Indian Currency and Finance.

At the time of its establishment, the RBI was a privately owned bank. It was nationalised on 1 January 1949 and became wholly owned by the Government of India.

The RBI is India's central bank. Its major functions include conducting Monetary Policy, issuing currency, regulating and supervising banks, managing foreign exchange reserves, and acting as the banker to the government and banks.