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Atharva Deshmukh

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Brief History of RBI The Reserve Bank of India (RBI) was established on April 1, 1935, based on the Hilton Young Commission's recommendations and the Reserve Bank of India Act, 1934. Initially, the RBI took over the functions of the Controller of Currency and the Imperial Bank of India, managing government accounts and public debt. The RBI served as the central bank for Burma until 1947 and for Pakistan until 1948, and was nationalized in 1949. From its inception, the RBI played a developmental role, especially in agriculture, and helped establish key financial institutions in India. Since liberalization, the RBI has focused on core central banking functions like Monetary Policy, Bank Supervision and Regulation, and Financial Market Development.

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