Question

In which of the following years was the Reserve Bank of India nationalised?

Options

• 1935

• 1949

• 1965

• 1927

Answer 1

1949

Explanation:

On the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948, the Reserve Bank of India was nationalized with effect from January 1, 1949. Upon payment of an appropriate reward, all shares in the Bank's capital were deemed to have been transferred to the Central Government.