Question

When was the Reserve Bank of India (RBI) set up?

• A. January 1, 1940
• B. April 1, 1935
• C. August 15, 1947
• D. December 12, 1936

Hint:

The RBI was established during British rule to manage India's monetary system.

Answer 1

The Correct Option is B

Step 1: Recall the establishment date of RBI.
The Reserve Bank of India (RBI) was set up on April 1, 1935, under the Reserve Bank of India Act, 1934. It was established to regulate the Indian monetary and financial system. Step 2: Role of RBI.
The RBI was responsible for managing the currency, controlling inflation, and ensuring the financial stability of India. It also serves as the central bank and manages the country's monetary policy. Step 3: Conclusion.
Thus, the correct answer is (2) April 1, 1935.