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    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?
    A The shares were sold to private investors Correct Answer Incorrect Answer
    B The shares were transferred to state governments Correct Answer Incorrect Answer
    C The shares were transferred to the Central Government. Correct Answer Incorrect Answer
    D The shares remained with the existing shareholders Correct Answer Incorrect Answer
    E The shares were distributed among the Bank's employees. Correct Answer Incorrect Answer

    Solution

    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.

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