SSC MTS 2022 PYQ — Question 46

The correct answer is option 1 i.e. 1935

The Reserve Bank of India (RBI) is India's central bank, also known as the banker's bank. It was set up on April 1, 1935, under the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.

• Lord Reading was the viceroy who appointed the 'Hilton Young commission' which led to the establishment of the RBI. The Hilton Young Commission was appointed in 1926. It was also called the "royal commission."
• Sir Osborne Smith was the first Governor of the Reserve Bank of India. He served on this post from 1 April 1935 to 30 June 1937.
• The Reserve Bank of India was nationalised with effect from January 1, 1949, on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.
• Sir C. D. Deshmukh was the first native Indian governor.