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Reserve Bank of India completes 82 years today

Reserve Bank of India completes 82 years today

The Reserve Bank of India (RBI) was set up on the basis of the recommendations of the Hilton Young Commission and was established on April 1, 1935, in Calcutta as a shareholder's bank. RBI, which was nationalized in 1949, issued its first notes in 1938 bearing the portrait of King George VI. However, the bank continued to act as the Central Bank for Burma (now Myanmar) till 1947 and Pakistan till 1948.