Important Years Of RBI

(a) 1926: The Royal Commission on Indian Currency and Finance recommended creation of a central bank for India.

(b) 1927: A bill to give effect to the above recommendation was introduced in the Legislative Assembly, but was later withdrawn due to lack of agreement among various sections of people
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(c) 1933: The White Paper on Indian Constitutional Reforms recommended the creation of a Reserve Bank. A fresh bill was introduced in the Legislative Assembly.

(d) 1934: The Bill was passed and received the Governor General’s assent.

(e) 1935: The Reserve Bank commenced operations as India’s central bank on April 1 as a private shareholders’ bank with a paid up capital of rupees five crores (rupees fifty million).

(f) 1942: The Reserve Bank ceased to be the currency issuing authority of Burma (now Myanmar).

(g) 1947: The Reserve Bank stopped acting as banker to the Government of Burma.

(h) 1948: The Reserve Bank stopped rendering central banking services to Pakistan.

(i) 1949: The Government of India nationalised the Reserve Bank under the Reserve Bank (Transfer of Public Ownership) Act, 1948.

Note: These are just the short notes of History of RBI