Admin Table of Contents
When was RBI established in India?
April 1, 1935, Kolkata, India
Reserve Bank of India/Founded
Who owned RBI before 1949?
Prior to RBI, all the functions of a central bank were being done by Imperial Bank of India. Imperial Bank of India was established in 1921 via the Imperial Bank of India Act, 1920 which amalgamated three Presidency Banks into one strong bank.
What is the old name of Reserve Bank of India?
History of Reserve Bank of India In 1921, the Imperial Bank of India was set up to proceed as the national bank of India by the British Government.
When was Nationalised RBI?
1st January, 1949
The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.
When was SBI Nationalised?
1955
State Bank of India (SBI), state-owned commercial bank and financial services company, nationalized by the Indian government in 1955. SBI maintains thousands of branches throughout India and offices in dozens of countries throughout the world.
What is Narasimham Committee in India?
The Narasimham-II Committee was tasked with the progress review of the implementation of the banking reforms since 1992 with the aim of further strengthening the financial institutions of India. It focussed on issues like size of banks and capital adequacy ratio among other things.
Who invented RBI?
The origins of the Reserve Bank of India can be traced to 1926 when the Royal Commission on Indian Currency and Finance – also known as the Hilton-Young Commission – recommended the creation of a central bank for India to separate the control of currency and credit from the Government and to augment banking facilities …
When was RBI nationalized?
When did SBI nationalised?
Which is oldest Bank in India?
The oldest commercial bank in India, SBI originated in 1806 as the Bank of Calcutta.
When was Narasimham committee setup?
14 August 1991
The first Narasimhan Committee (Committee on the Financial System – CFS) was appointed by Manmohan Singh as India’s Finance Minister on 14 August 1991, and the second one (Committee on Banking Sector Reforms) was appointed by P.Chidambaram as Finance Minister in December 1997.
What is Tandon committee?
The Tandon Committee was formed with the objective of framing guidelines for commercial banks for ensuring proper end-use of funds, for supervision and follow-up of bank credit. You can read about the RBI – Reserve Bank of India [UPSC Indian Economy Notes] in the given link.