<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee . It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934 . The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders . Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949 . </P> <P> The RBI plays an important part in the Development Strategy of the Government of India . It is a member bank of the Asian Clearing Union . The general superintendence and direction of the RBI is entrusted with the 21 - member Central Board of Directors: the Governor, 4 Deputy Governors, 2 Finance Ministry representatives, 10 government - nominated directors to represent important elements of India's economy, and 4 directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi . Each of these local boards consists of 5 members who represent regional interests, the interests of co-operative and indigenous banks . </P>

When was reserve bank of india taken over by the government