Question
Download Solution PDFIn which year RBI was nationalized?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 1949.
Key Points
- The Reserve Bank of India (RBI) was nationalized on 1 January 1949.
- The nationalization was carried out under the Reserve Bank (Transfer to Public Ownership) Act, 1948.
- This move was aimed at providing the government more control over credit and monetary policy.
- RBI was initially established as a private entity in 1935 under the Reserve Bank of India Act, 1934.
Additional Information
- Nationalization: The process of transferring private assets into public ownership by a national government or state.
- Credit Control: Refers to the measures taken by a central bank to regulate the amount of credit available in the economy.
- Monetary Policy: The policy laid down by the central bank involving management of money supply and interest rate.
- Reserve Bank of India Act, 1934: The legislative act under which RBI was established, initially as a private bank.
- Public Ownership: Refers to the ownership of assets by the government or a public organization.
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