02 - History of Reserve Bank of India

1. The Royal Commission on Indian Currency and Finance was also known as?

Answer: Hilton-Young Commission

Hilton-Young Commission was the Royal Commission on Indian Currency and Finance set up by British Government of India in 1920s. In 1926, this commission had recommended to the government to create a central bank in the country. On the basis of mainly this commission, the RBI act was passed.

2. Original headquarters of RBI were located at ___?

Answer: Calcutta

Original headquarters of RBI were in Kolkata, but in 1937, it was shifted to Shahid Bhagat Singh Marg, Mumbai.

3. On which date, RBI started working?

Answer: 1 April 1935

In 1935, 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 crore.

4. In which year, Nationalization of Reserve Bank of India was done?

Answer: 1949

In 1949, the Government of India nationalized the Reserve Bank under the Reserve Bank (Transfer of Public Ownership) Act, 1948. From January 1, 1949, RBI started working as a government owned bank.

5. What was the initial share capital of Reserve Bank of India?

Answer: Rs. 5 Crore

RBI did not start as a Government owned bank but as a privately held bank without major government ownership. It started with a Share Capital of Rs. 5 Crore, divided into shares of Rs. 100 each fully paid up. In the beginning, this entire capital was owned by private shareholders. Out of this Rs. 5 Crore, the amount of Rs. 4,97,8000 was subscribed by the private shareholders while Rs. 2,20,000 was subscribed by central government.

6. Who was the first Governor of Reserve Bank of India?

Answer: Sir Osborne Smith

Sir Osborne Smith was the first Governor of the Reserve Bank. A professional banker, he served for over 20 years with the Bank of New South Wales and 10 years with the Commonwealth Bank of Australia before coming to India in 1926 as a Managing Governor of the Imperial Bank of India.

7. Who was the first Indian Governor of Reserve Bank of India?

Answer: Sir C D Deshmukh

Chintaman Dwarkanath Deshmukh, a member of the Indian Civil Service, was the first Indian Governor of the Bank. His association with the Bank commenced in 1939, when he was appointed Government’s liaison officer. He later served as Secretary and thereafter in 1941 as Deputy Governor of the Bank. On the demise of James Taylor, he took over stewardship of the Bank and was appointed Governor in August, 1943.

8. Who is the longest serving Governor of Reserve Bank of India?

Answer: Sir Benegal Rama Rau

Sir Benegal Rama Rau, a member of the Indian Civil Service, was the longest serving Governor of the Bank from 1949 to 1957.

9. RBI did not issue any currency notes during work period of which RBI Governor?

Answer: K G Ambegaonkar

K G Ambegaonkar was governor of RBI from 14-01-1957 to 28-02-1957. He was appointed as interim governor till H V R Iengar could take over. He did not sign any bank notes.

10. During which years, Dr. Manmohan Singh served as Governor of RBI?

Answer: 1982-85

Dr. Manmohan Singh served as governor of RBI from 16-09-1982 to 14-01-1985.

11. What Street Name is used to refer to the RBI?

Answer: Mint Street

RBI is the central bank of India which controls the issuance and supply of the Indian rupee. It is also referred to as the Mint Street. RBI is also known as banker's bank.

12. For which of these countries the RBI has served as the central bank in the past?

Answer: Myanmar

The RBI has acted as Burma's (now Myanmar) central bank until April 1947 (except during the years of Japanese occupation (1942–45)), even though Burma seceded from the Indian Union in 1937.

13. Till when the RBI served as the central bank of Pakistan?

Answer: June 1948

After the Partition of India in August 1947, the bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations.

14. Who wrote the book The Problem of the Rupee – Its origin and its solution”, which gave the concept of RBI?

Answer: B.R Ambedkar

RBI was conceptualized as per the guidelines, working style and outlook presented by Dr. B. R. Ambedkar in his book titled “The Problem of the Rupee – Its origin and its solution”.

15. In which year the Royal Commission on Indian Currency and Finance recommended the creation of a central bank for India?

Answer: 1926

In 1926, the Royal Commission on Indian Currency and Finance recommended the creation of a central bank for India.

16. In which year for the first time a bill was introduced in the Indian Legislative Assembly for the creation of RBI?

Answer: 1927

In 1927, a bill to create the central bank for India was introduced in the Legislative Assembly. But it was later withdrawn due to lack of agreement among various sections of people.

17. What was the paidup capital of RBI when it commenced operations as India’s central bank on April 1 1935?

Answer: Rs 5 crore

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

18. When did RBI stop acting as the currency issuing authority of Burma?

Answer: 1942

The Reserve Bank ceased to be the currency issuing authority of Burma (now Myanmar) in 1942. In 1947, the Reserve Bank stopped acting as banker to the Government of Burma.

19. When was Deposit Insurance and Credit Guarantee Corporation established under RBI?

Answer: 1978

Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India. It was established on 15 July 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities.

20. Where is the headquarter of Bharatiya Reserve Bank Note Mudran Private Limited located?

Answer: Bangalore

The headquarter of Bharatiya Reserve Bank Note Mudran Private Limited is at Bangalore, Karnataka. It was established on 3rd February 1995. It designs, print and supply banknotes for the Reserve Bank of India(RBI).

1. The Royal Commission on Indian Currency and Finance was also known as?
[A] Hilton-Young Commission
[B] Hartog Commission
[C] Muddiman Committee
[D] Buttler Commission
2. Original headquarters of RBI were located at ___?
[A] Calcutta
[B] Bombay
[C] Madras
[D] New Delhi
3. On which date, RBI started working?
[A] 1 January 1934
[B] 1 January 1935
[C] 1 April 1935
[D] 31 March 1934
4. In which year, Nationalization of Reserve Bank of India was done?
[A] 1947
[B] 1948
[C] 1949
[D] 1950
5. What was the initial share capital of Reserve Bank of India?
[A] Rs. 5 Crore
[B] Rs. 10 Crore
[C] Rs. 15 Crore
[D] Rs. 20 Crore
6. Who was the first Governor of Reserve Bank of India?
[A] Sir James Taylor
[B] Sir Vincent Eyre
[C] Sir Osborne Smith
[D] Reginald Macdonald
7. Who was the first Indian Governor of Reserve Bank of India?
[A] Sir C D Deshmukh
[B] Sir Benegal Rama Rau
[C] K G Ambegaonkar
[D] H V R Iengar
8. Who is the longest serving Governor of Reserve Bank of India?
[A] Sir C D Deshmukh
[B] Sir Benegal Rama Rau
[C] K G Ambegaonkar
[D] H V R Iengar
9. RBI did not issue any currency notes during work period of which RBI Governor?
[A] Sir C D Deshmukh
[B] Sir Benegal Rama Rau
[C] K G Ambegaonkar
[D] H V R Iengar
10. During which years, Dr. Manmohan Singh served as Governor of RBI?
[A] 1980-83
[B] 1982-83
[C] 1982-85
[D] 1886-89
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