RBI turns 80

Hello Kids

India’s central bank—Reserve Bank of India (RBI)—turned 80 on Wednesday. Based in Mumbai with Raghuram Rajan as its 23rd governor, the bank commenced its operations on 1 April, 1935. However, the legislation to set up the RBI was introduced in January 1927, based on the recommendations of the “1926 Royal Commission on Indian Currency and Finance”, or simply, the Hilton-Young Commission. The bill, which was introduced in the legislative assembly by George Schuster in September 1933, later became an act in March 1934, after the Governor-General gave his assent. Called the “The Reserve Bank of India Act (Act II of 1934)”, it provides the statutory basis for the bank’s functioning, paving the way for the RBI to commence its operations, exactly a year later in April 1935. Osborne Smith was the first governor of the RBI. 

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Thanks

Pankaj Bhanwani

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RBI turns 80