Question

Following statements are related to the history of RBI. Identify the wrong statement.

• A. RBI was set up on the recommendations of the Hilton Young Commission and started its operation on April 1, 1935
• B. The accounting year of RBI during its inception was from July to June
• C. RBI was a shareholder's bank till it is nationalised in 1949
• D. RBI was the Central Bank for Burma till April 1947

Answer 1

Answer:

B. The accounting year of RBI during its inception was from July to June

The Reserve Bank's accounting year is July to June.