Reserve Bank of India: set up on the Hilton Young Commission's recommendations, statutory basis in the RBI Act
Background
The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Bank.
The Bank commenced operations on April 1, 1935.
It was set up on the basis of the recommendations of the Hilton Young Commission.
It was originally set up as a shareholder's bank and was nationalised in 1949.
Parent Act:
Reserve Bank of India Act, 1934
Commenced operations:
April 1, 1935
Set up on recommendation of:
Hilton Young Commission
Nationalised:
1949
Why it matters for exams: Establishment year, parent Act and the commission behind it are staple banking-history questions.
Kerala PSCUPSC
In plain words
Nationalisation Transfer to state ownership — Taking a privately held institution into government ownership.