Which of the following was established on the recommendation of the Hilton Young Commission?

Question

Question

This question was previously asked in

SSC CGL 2023 Tier-I Official Paper (Held On: 19 Jul 2023 Shift 3)

Answer 1

The correct answer is RBI.

Key Points

Reserve Bank of India:-
- It was established in 1935 on the recommendation of the Hilton-Young Commission.
- The Reserve Bank of India is the central bank of the country.
- The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Bank.
- State Bank of India was established on 1 July 1955.
Hilton Young Commission:-
- It was formally known as the Royal Commission on Indian Currency and Finance.
- It was an investigative body established by the British Government in 1925 to look into India's currency and finance systems.
- The committee was headed by Edward Hilton Young, hence the informal name "Hilton Young Commission".

Additional Information

Securities and Exchange Board of India (SEBI):-
- It is the regulator for the securities market in India.
- It was established in the year 1988 and given statutory powers on April 12, 1992, through the SEBI Act, 1992.
State Bank of India (SBI):-
- It is the largest commercial bank in India in terms of assets, deposits, branches, customers, and employees.
- The bank is also the largest mortgage lender in the country.
National Bank for Agriculture and Rural Development (NABARD):-
- It is an apex development financial institution in India that focuses primarily on rural development.
- The bank's mission is to promote sustainable and equitable agriculture and rural development through effective credit support, related services, institution-building, and other innovative initiatives.