The correct answer is 1st April 1935 Explanation & Key Takeaways: • The Reserve Bank of India (RBI) was established on April 1, 1935: • The RBI was established by the Reserve Bank of India Act, of 1934. • The RBI was created to respond to economic challenges after World War I. • The RBI was established based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton Young Commission. • Sir Osborne Smith was the first Governor of the RBI. • The RBI's Central Office was initially in Kolkata but was permanently moved to Mumbai in 1937. • The RBI's original functions included regulating the issue of banknotes, maintaining reserves, and operating the country's credit and currency system. • The RBI is India's central bank, and it regulates monetary policies, operates under the Government of India, and undertakes various initiatives for the financial sector.