Which bank was founded in 1935 as India's central bank?

The Reserve Bank of India was founded in 1935 as India's central bank.

It began operations on 1 April 1935 under the Reserve Bank of India Act 1934. The bank was originally privately owned but was nationalized in 1949, after India became independent.

The Reserve Bank issues most banknotes in India, conducts monetary policy, regulates banks and payment systems, and manages foreign-exchange reserves. The one-rupee note and coins are issued by the Government of India rather than by the Reserve Bank.

The Reserve Bank of India is distinct from the State Bank of India. The State Bank is a commercial and public-sector bank, while the Reserve Bank is the country's monetary authority and banking regulator.