BANKING SYSTEM IN INDIA-:

In India the RBI is the apex authority in the Banking system. It was established on 1 April 1935 under the
RBI Act 1934. Since the RBI was set up by an act of parliament, it is termed as a statutory body. Hence its
responsibilities, authority and the tenure of members all have been defined by that Act of parliament.
After Independence, the RBI was nationalized and brought under the control of the Government of India.
For this purpose, RBI (Transfer to Public ownership) Act 1948 was passed. The nationalization took place
on 1 January 1949. Earlier RBI was headquartered at Kolkata but later on its headquarter was transferred
to Bombay. The RBI is headed by a governor and it also has four deputy Governors.

Who is first Governor of RBI ?
# The First Governor of RBI was Sir Osborne Smith.
Who is first Indian Governor of RBI?
# The first Indian Governor of RBI was C.D. Deshmukh.
Who is Governor of RBI in present time ?
 At present Shaktikanta Das is the Governor of RBI. He became 25th Governor of RBI after Urjit Patel.

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