Question

RBI was a shareholder's bank till

• A. December 31st, 1948
• B. March 1st, 1949
• C. January 26th, 1950
• D. August 15th, 1947

Answer 1

Answer:

A. December 31st, 1948

Nationalisation of RBI:

• RBI was a shareholder's bank till 31.12.1948
• To have an integration in the monitory and credit policies of the bank and the policy of the government, the RBI was shifted from private ownership to state ownership by passing the RBI (Transfer of Public Ownership) Act of 1948.
• Through this Act govt, took the ownership of RBI from private shareholders against a compensation to shareholders at Rs 118.10 per share.
• The Reserve Bank of India was nationalised on 1 January 1949 and Management of The Reserve Bank's affairs are governed by a central board of directors.