Reserve Bank of India (RBI) — nationalization year: In which year was the RBI nationalized (taken over by the Government of India)? Choose the correct year.

Given data

• We are asked when the RBI was nationalized. (Note: RBI commenced operations in 1935.)

Concept / ApproachRBI was originally a privately held institution established in 1935 and was nationalized with effect from 1 January 1949.

Common pitfalls

• Choosing 1935 (the establishment year) instead of the nationalization year.

Final AnswerRBI was nationalized in 1949.