Reserve Bank of India was nationalised and became fully owned by the Government of India.

On 1 April 1935, the Reserve Bank of India was established under the RBI Act, 1934, based on the recommendations of the Hilton Young Commission (1926).

It began as a privately owned shareholders’ bank with a paid-up capital of ₹5 crore.

It was initially set up in Kolkata and later moved to Mumbai in 1937.

On 1 January 1949, it was nationalised and became fully owned by the Government of India.

Sir Osborne Smith served as its first Governor from 1935 to 1937.

On 11 August 1943, Sir C. D. Deshmukh assumed office as the first Indian Governor of the Reserve Bank of India.

The RBI also served as the central bank for Burma until April 1947 and for Pakistan until June 1948.

Its core functions include issuing currency, maintaining monetary stability, and managing the country’s credit system.
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