Question: The Reserve Bank of India was established on April 1st, 1935 under the provisions of which of the following Acts?
(a) Reserve Bank of India Act, 1925
(b) Reserve Bank of India Act, 1931
(c) Reserve Bank of India Act, 1934
(d) Reserve Bank of India Act, 1935
Answer- (c)
Related facts:
- On April 20th, 2017, the Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Bank of Guyana.
- The MoU was signed by Dr Gobind N. Ganga, Governor on behalf of Bank of Guyana and Dr Urjit R. Patel, Governor on behalf of Reserve Bank of India.
- It is noteworthy that The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
- The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
- Originally privately owned Reserve Bank became Government entity after nationalization in year 1949.
Reference:
https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=40223
http://newsroom.gy/2017/04/20/central-bank-signs-mou-with-reserve-bank-of-india-for-supervisory-exchange-of-information/
http://www.aninews.in/newsdetail-Mw/MzEwMTk3/rbi-bank-of-guyana-sign-mou-for-supervisory-exchange-of-information.html