Question

RBI was nationalized on

• A. April 1, 1935
• B. December 31, 1948
• C. March 6, 1934
• D. January 1, 1949

Answer 1

Answer:

D. January 1, 1949

Initially (1935), RBI was set up as a shareholders’ bank. The Reserve Bank of India (RBI) was nationalized on January 1, 1949, when the ownership of the RBI was fully transferred to the Government of India. After independence, the RBI was nationalized to serve as a central bank fully owned by the government, giving it complete control over monetary policy and currency issuance.