In July, 2019 the reserve Bank of India re-appointed N S Swaminathan as a deputy governor. In which year and where was the RBI founded?

The Reserve Bank of India (RBI) is a critical institution in the Indian financial system, serving as the central bank and regulatory authority. It was established on April 1, 1935, in Kolkata, under the Reserve Bank of India Act, 1934. The RBI was founded during the British colonial period, and its establishment was a significant step in the development of India's financial infrastructure.

The founding of the RBI was a response to the need for a central banking authority to manage the monetary and credit systems of the country. Prior to the RBI, the Indian financial system was managed by various private banks and the Imperial Bank of India, which did not have the comprehensive regulatory and supervisory functions that a central bank would have.

The RBI was initially headquartered in Kolkata, which was the capital of British India at the time. However, in 1937, the headquarters was moved to Mumbai, which has since remained the primary location of the RBI. Despite this move, the founding location of the RBI remains Kolkata, and the founding year is 1935.

Understanding the historical context of the RBI's founding is important for comprehending the evolution of India's financial system. The RBI has played a crucial role in shaping monetary policy, regulating banks, and managing the country's foreign exchange reserves. Its establishment marked a significant milestone in the development of a modern financial system in India.

It is essential to remember that the founding year and location of the RBI are distinct from the year of the RBI Act and the current location of its headquarters. The Act that established the RBI was passed in 1934, but the bank itself was founded in 1935. The headquarters moved to Mumbai in 1937, but the founding location remains Kolkata.

Therefore, the correct answer to the question is that the Reserve Bank of India was founded in 1935 in Kolkata. This information is crucial for students preparing for competitive examinations that test knowledge of Indian financial institutions and their historical context.