Question
Which financial institution was founded in 1935 following
recommendations from the Hilton-Young Commission?Solution
The Reserve Bank of India (RBI) was established in 1935 based on the recommendations provided by the Hilton-Young Commission of 1926. The RBI Act of 1934 created the framework for its formation. Initially established as a privately owned institution, it was nationalized in 1949 following India's independence. As India's central bank, the RBI plays a crucial role in monetary policy development, currency issuance, and financial regulation.
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(Place)
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The policy of broad protection to domestic industries, direct control over imports and foreign investment and keeping exchange rates high to unrealistic...
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