Which bank of India will mark its 90^th anniversary in 2025?

The correct answer is Reserve Bank of India.

Key Points

• The Reserve Bank of India (RBI) was established on April 1, 1935, under the Reserve Bank of India Act, 1934.
• The RBI is India's central bank, responsible for regulating the country's monetary policy, currency issuance, and financial stability.
• It initially started its operations in Kolkata but was permanently shifted to Mumbai in 1937.
• The Reserve Bank of India will complete 90 years of establishment in 2025.
• The RBI's primary functions include controlling inflation, managing foreign exchange, and regulating banks and non-banking financial companies.

Additional Information

• History of RBI
  • The RBI was conceptualized based on the recommendations of the Hilton Young Commission.
  • It was initially established as a private entity but was nationalized in 1949.
• RBI's Governance Structure
  • The RBI is governed by a central board of directors, which includes government-appointed officials and experts.
  • The Governor of RBI serves as the chief executive officer and represents the bank.
• Key Functions of RBI
  • Formulating and implementing monetary policy to maintain price stability and economic growth.
  • Issuing and managing India's currency under the Currency and Coinage Act.
  • Regulating and supervising banks and financial institutions to ensure financial stability.
  • Maintaining foreign exchange reserves and managing exchange rates.
• Important Milestones
  • The RBI played a critical role in the economic reforms of 1991 that liberalized India's economy.
  • In recent years, it has introduced various digital initiatives like the Unified Payments Interface (UPI) for promoting financial inclusion.