Reserve Bank of India History Established in April 1935,RBI was started with a share capital of Rs. 5 cores on the basis of the recommendations of the Royal Commission on Indian Currency and Finance also known as the Hilton-Young Commission. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. Though originally privately owned, since nationalization in 1949, the RBI is fully owned and operated by the Government of India. During 1940s, the Reserve Bank of India began its operations by replacing the governing bodies like the Controller of Currency and from the Imperial Bank of India and Government Accounts and Public Department. At that time RBI had its branch offices at Calcutta, Bombay, Madras, Rangoon, Karachi, Lahore and Cawnpore (Kanpur).Burma (Myanmar) seceded from the Indian Union in 1937 but the Reserve Bank continued to act as the Central Bank for Burma till Japanese Occupation of Burma and later up to April, 1947. After the partition of India leading to the formation of separate nation Pakistan in 1947, the Reserve Bank continued served as the central bank of Pakistan. But in June 1948 the name was changed to the State Bank of Pakistan.Other BanksBanking in India originated in the first decade of 18th century with the General Bank of India coming into existence in 1786. This was followed by
Bank of Hindustan. At present none of these two banks are in existence.The oldest bank which still exists in India is the State Bank of India being established as; The Bank of Bengal" in Calcutta in June 1806. The first fully Indian owned bank was the Allahabad Bank, which was established in 1865.