Question
Download Solution PDFWhich of the following was established on the recommendation of the Hilton Young Commission?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is RBI.
Key Points
- Reserve Bank of India:-
- It was established in 1935 on the recommendation of the Hilton-Young Commission.
- The Reserve Bank of India is the central bank of the country.
- The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Bank.
- State Bank of India was established on 1 July 1955.
- Hilton Young Commission:-
- It was formally known as the Royal Commission on Indian Currency and Finance.
- It was an investigative body established by the British Government in 1925 to look into India's currency and finance systems.
- The committee was headed by Edward Hilton Young, hence the informal name "Hilton Young Commission".
Additional Information
- Securities and Exchange Board of India (SEBI):-
- It is the regulator for the securities market in India.
- It was established in the year 1988 and given statutory powers on April 12, 1992, through the SEBI Act, 1992.
- State Bank of India (SBI):-
- It is the largest commercial bank in India in terms of assets, deposits, branches, customers, and employees.
- The bank is also the largest mortgage lender in the country.
- National Bank for Agriculture and Rural Development (NABARD):-
- It is an apex development financial institution in India that focuses primarily on rural development.
- The bank's mission is to promote sustainable and equitable agriculture and rural development through effective credit support, related services, institution-building, and other innovative initiatives.
Last updated on Jul 22, 2025
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