Reserve Bank of India was founded on 1 April 1935. The bank was set up based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton–Young Commission. The RBI was established following the Reserve Bank of India Act of 1934. The RBI is India's Central Bank , which controls the issue and supply of currency . RBI is the regulator of entire Banking system in India. It was Nationalised in 1949. The Central office of RBI is in Mumbai since 1937. It is also known as 'Banker's bank'. There is a 5 years tenure of the Governor of RBI. Since 1935 the following personality became the Governor : 1. Sir Osborne Smith (1935-1937) 2. Sir James Braid Taylor (1937-1943) 3. Sir Chintaman Dwarakanath Deshmukh (1943-1949) 4. Benegal Rama Rau (1949-1957) 5. K. G. Ambegaonkar (14-01-1957 To 28-02-1957) 6. H. V. R. Iyengar (1957-1962) 7. P. C. Bhattacharya (1962-1967) 8. Lakshmi Kant Jha (1967-1970) 9. B. N. Adar
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