Imperial Bank of India was established on
AAugust 15, 1947
BApril 1, 1935
CJanuary 27, 1921
DJuly 19, 1969
Answer:
C. January 27, 1921
Read Explanation:
- Imperial Bank of India was established in 27-1-1921 by way of amalgamating three presidency banks of Madras, Bengal and Bombay.
- Imperial Bank performed mainly two important functions of Central Bank such as Banker to the Government and Bankers Bank.
- Other important central banking functions were done by central government including currency regulation, and control of foreign exchange
- But it was not a satisfactory arrangement
- Hilton Young Commission (Royal Commission on Indian Currency and Finance) appointed by British Government in 1925 and the committee
- The committee recommended the establishment of a Central Bank in India and the commission suggested the name Reserve Bank of India.