RBI was nationalized in which year?
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The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.
Based on the Reserve Bank of India (Transfer to Public Ownership) Act, 1948, the Reserve Bank of India was nationalized on January 1, 1949. On payment of proper compensation, all shares in the Bank’s capital were deemed transferred to the Central Government.