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Correct Option is Government of India Act of 1935

1. Reserve Bank of India is India’s central bank. It controls the monetary policy with respect to the national currency, the Indian rupee. The basic functions of the RBI are the issuance of currency, to sustain monetary stability in India, to operate the currency and maintain the country’s credit system. 2. The concept of Reserve Bank of India was based on the strategies formulated by Dr Ambedkar in his book named “The Problem of the Rupee – Its origin and its solution”. 3. This central banking institution was established based on the suggestions of the Royal Commission on Indian Currency & Finance in 1926. This commission was also known as Hilton Young Commission. 4. Government of India Act of 1935 provided for the establishment of a Reserve Bank of India to control the currency and credit of the country.

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