Establishment of RBI Set up based upon recommendations of Hilton-Young Commission. Statutory Body under Reserve Bank of India Act 1934. Initially set up as Private shareholders’ bank with a paid-up capital of Rs 5 crores on April 1, 1935. Later, Nationalised on 1st Jan 1949. Functions of RBI ROLE DESCRIPTION Monetary Authority Formulates, implements and monitors the monetary policy.Objective: Maintaining price … Continue reading Reserve Bank of India