RBI turns 87 not out today, marches on to its 88th year

The Reserve Bank of India (RBI) has turned 87 today. The Indian Central Bank was established on this day in 1935. The Central Bank of India tweeted about the occasion on its official Twitter handle

"RBI turns 87 today! India’s central bank marches on to its 88th year…," RBI tweeted.

The Indian National Congress party and Mission Ambedkar also tweeted on this occasion.

"On this day in 1935, the Reserve Bank of India, our central bank and regulatory body was established with a mandate to secure India’s monetary stability. In today’s complex economy, the RBI’s function becomes all the more significant," Congress tweeted.

Mission Ambedkar tweeted, "01 April 1935, RBI foundation day. RBI was formed in accordance with the guidelines presented by Babasaheb to the Hilton Young Commission based on his book, The Problem of the Rupee. Thank you Saheb! #JaiBhim."

According to the official website of RBI, the Bank was established in response to the Hilton Young Commission's recommendations. The Reserve Bank of India Act, 1934 (II of 1934) establishes the legal framework for the Bank's operations, which began on April 1, 1935.

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It was constituted to regulate the issue of banknotes, maintain reserves with a view to securing monetary stability and to operate the credit and currency system of the country to its advantage.

The Bank began its operations by taking over from the Government the functions so far being performed by the Controller of Currency and from the Imperial Bank of India, the management of Government accounts and public debt.