Reserve Bank of India Reserve Bank of India The Reserve Bank of India (RBI) is India's central banking institution, which controls the issuance and supply of the Indian rupee. Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India. It commenced its operations on 1 April 1935 in accordance with the "Reserve Bank of India Act, 1934". The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders. Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949. The RBI plays an important
Royal Commission on Banking and Currency until the commission completed its hearings in Ottawa on September 15. The commission's two major recommendations were the establishment of a Canadian central bank (passed by a 3–2 margin with White and Leman in opposition) and the establishment of an inquiry "to investigate the existing organizations for the provision of rural credit with a view to the preparation of a scheme for the consideration of Parliament" (passed unanimously). Royal Commission on Banking and Currency The Royal Commission on Banking and Currency (also known as the Macmillan Commission) was a 1933 Canadian royal commission tasked with reviewing the Canadian government's involvement