Question

According to the Reserve Bank of India (Transfer to Public Ownership) Act, 1948, which led to the nationalization of the Reserve Bank of India, what happened to the shares in the capital of the Bank?

Q: Answer-According to the Reserve Bank of India (Transfer to Public Ownership) Act, 1948, which led to the na...

The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India Transfer to Public Ownership Act, 1948. All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.