The Reserve Bank of India was fully nationalised and owned by the Government of India in which of the following years?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. 1949.
The Reserve Bank of India (RBI) was nationalized on January 1, 1949. The RBI was originally established in 1935 as a shareholder's bank, but was nationalized after India gained independence in 1947. The RBI is India's central bank and is responsible for: Regulating the Indian banking system, Issuing and supplying the Indian rupee, Managing the country's main payment systems, and Promoting economic development.