Answer:- 1.  CD Deshmukh. 

Explanation:- Sir C D Deshmukh Chintaman Dwarkanath Deshmukh, a member of the Indian Civil Service, was the first Indian Governor of the Bank. His association with the Bank commenced in 1939, when he was appointed Government's liason officer.

Additional information 

• The inaugural officeholder was the British banker Sir Osborne Smith, while Sir C. D. Deshmukh was the first native Indian governor
  

Answer:- 3.  Issuing currency and controlling monetary policy.

Explanation:- The primary function of the Reserve Bank of India (RBI) is to regulate the monetary policy of the country and maintain monetary stability. This involves managing the currency and credit system to ensure a stable economy. Additionally, the RBI acts as the banker to the government, regulates and supervises banks and other financial institutions, and manages foreign exchange reserves. 

Additional information 

Functions of RBI:

• Monetary Authority: RBI formulates, implements, and monitors monetary policy to maintain price stability while supporting economic growth.
• Issuer of Currency: RBI has the sole authority to issue and manage currency notes in India, ensuring adequate supply and quality of currency in circulation.
• Banker to the Government: RBI acts as the banker, agent, and financial advisor to the central and state governments, managing their banking transactions and public debt.
• Banker’s Bank: RBI acts as the banker to scheduled commercial banks, providing liquidity, supervising their operations, and serving as the lender of last resort.
• Regulator and Supervisor of the Financial System: RBI regulates and supervises banks and financial institutions to ensure stability and soundness in the financial system.
• Manager of Foreign Exchange: RBI manages India’s foreign exchange reserves, regulates the foreign exchange market, and ensures stability in external trade and payments.
• Controller of Credit: RBI controls the credit creation capacity of commercial banks using various monetary tools to maintain balanced economic growth and price stability.
• Regulator of Payment and Settlement Systems: RBI oversees and upgrades payment and settlement systems to ensure their safety, efficiency, and reliability.
• Collection and Publication of Data: RBI collects, analyzes, and publishes data on banking, currency, and the economy to aid in policy formulation and economic plannin

Answer:- 3. Mumbai.

Explanation:-  The headquarters of the Reserve Bank of India (RBI) is located in Mumbai. While the RBI's Central Office was initially established in Kolkata, it was permanently moved to Mumbai in 1937

Answer:- 2. Hilton Young Commission.

Explanation:-   The Reserve Bank of India (RBI) was established based on the recommendations of the Hilton Young Commission. This commission, also known as the Royal Commission on Indian Currency and Finance, submitted its report in 1926, which included the proposal for a central bank for India. 

Additional information 

The RBI was subsequently set up on April 1, 1935, following the passage of the Reserve Bank of India Act, 1934. 

Answer:- 2. State Bank of India.

Explanation:-    State Bank of India (SBI) acts as the agent of the Reserve Bank of India (RBI) at places where RBI does not have a branch. This is explicitly provided for under the State Bank of India Act, 1955, which states that SBI shall act as the agent of RBI at all places in India where it has a branch and where there is no branch of the Banking Department of the Reserve Bank

Answer:- 2. 1935.

Explanation:-   The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.

Answer:-  3.  Income Tax Rate.

Explanation:-   Income Tax Rates are not decided by the Reserve Bank of India (RBI); they are part of fiscal policy and are decided by the Government of India. Other rates that are not decided by the RBI include the Fixed Deposit Rate and Commercial Paper Rates. 

Additional information 

The RBI does decide several key rates, including:

• Repo Rate: The rate at which the RBI lends money to commercial banks.
• Reverse Repo Rate: The rate at which banks can deposit money with the RBI.
• Bank Rate: Historically significant, it's the rate the RBI charges banks when they borrow money from the discount window. (While still set by the RBI, its importance has diminished in recent years.)
• Cash Reserve Ratio (CRR): The percentage of deposits that banks are required to hold with the RBI, which affects how much money banks can lend out.

Answer:- 1. Commercial Banks.

Explanation:- The Reserve Bank of India (RBI) is responsible for the regulation and supervision of banks and Non-Banking Financial Companies (NBFCs) in India. Its regulatory scope includes:

• Commercial banks
• Cooperative banks
• Urban cooperative banks
• Non-Banking Financial Companies (NBFCs)

The RBI does not regulate insurance companies or mutual funds—these are overseen by other regulatory bodies such as IRDAI (for insurance) and SEBI (for mutual funds)

Answer:-  3. Governor.

Explanation:- The Reserve Bank of India (RBI) is headed by one Governor and also has four Deputy Governors.

Additional information 

• The first governor of RBI was C.D. Deshmukh.
• • The inaugural officeholder was the British banker Sir Osborne Smith, while Sir C. D. Deshmukh was the first native Indian governor
• The bank's current governor is Sanjay Malhotra. 
• There are currently four deputy governors Swaminathan J, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar. T Rabi Shankar, Swaminathan J, Poonam Gupta and MR Rao.

Answer:-   2.  Banking Regulation Act, 1949.

Explanation:-  The Reserve Bank of India (RBI) is empowered to regulate the banking sector in India primarily through the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949. The RBI Act establishes the RBI as the central bank and outlines its powers, while the Banking Regulation Act specifically governs the operations of banking companies in India. 

Additional information 

• Reserve Bank of India Act, 1934:
  This act establishes the RBI as the central bank of India and provides the framework for its operations, including the regulation of currency and credit. It empowers the RBI to issue licenses, set capital adequacy norms, and oversee the functioning of banks. 
• Banking Regulation Act, 1949:
  This act regulates the banking business in India and gives the RBI the authority to issue directions, inspect, and supervise banks. It also provides the framework for licensing, capital requirements, and other aspects of banking operations.