On April 1, 1935, the Reserve Bank of India (RBI) was established in accordance with the provisions of the Reserve Bank of India Act, 1934. It recommended establishing a central bank to be called the ‘Reserve Bank of India’. RBI was nationalised from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. Rate Tool SDF Rate Floor of LAF corridor. Rate Tool Bank Rate Rate at which RBI rediscounts bills when banks fall short on CRR or SLR requirements.

Source: Indian Express April 01, 2026 16:42 UTC