The Central Bank of India or Reserve Bank of India was created before Independence, in the year 1934. The recommendation to create a central bank was made by a commission called:
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Hilton Young Commission.
The recommendation to create a central bank for India was made by the Royal Commission on Indian Currency and Finance, also known as the Hilton Young Commission. This commission was established in 1926 to examine India's monetary system and recommend reforms. Based on its suggestions, the Reserve Bank of India (RBI) was created in 1935, following the Reserve Bank of India Act, of 1934. The RBI was set up to regulate the currency, manage monetary policy, and serve as the central banking institution for India.