Reserve Bank of India: establishment, headquarters and the objective set out in its Preamble
Background
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office was initially established in Kolkata but was permanently moved to Mumbai in 1937. Though originally privately owned, since nationalisation in 1949 the Reserve Bank is fully owned by the Government of India. As the monetary authority it formulates, implements and monitors monetary policy, with the objective of maintaining price stability while keeping in mind the objective of growth.
Established:
April 1, 1935
Founding Act:
Reserve Bank of India Act, 1934
Central Office moved permanently to Mumbai:
1937
Nationalised:
1949
Why it matters for exams: Founding Act, headquarters shift and nationalisation of the central bank are staple questions in bank, SSC and UPSC papers.
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