<P> The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as: </P> <P> "to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth ." </P> <P> The Reserve Bank of India was founded on 1 April 1935 to respond to economic troubles after the First World War . The Reserve Bank of India was conceptualized based on the guidelines presented by the Central Legislative Assembly which passed these guidelines as the RBI Act 1934 . RBI was conceptualized as per the guidelines, working style and outlook presented by Bhimrao Ramji Ambedkar in his book titled "The Problem of the Rupee--Its origin and its solution" and presented to the Hilton Young Commission . The bank was set up based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton--Young Commission . The original choice for the seal of RBI was The East India Company Double Mohur, with the sketch of the Lion and Palm Tree . However, it was decided to replace the lion with the tiger, the national animal of India . The Preamble of the RBI describes its basic functions to regulate the issue of bank notes, keep reserves to secure monetary stability in India, and generally to operate the currency and credit system in the best interests of the country . The Central Office of the RBI was established in Calcutta (now Kolkata) but was moved to Bombay (now Mumbai) in 1937 . The RBI also acted as Burma's (now Myanmar) central bank until April 1947 (except during the years of Japanese occupation (1942--45)), even though Burma seceded from the Indian Union in 1937 . After the Partition of India in 1947, the bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations . Though set up as a shareholders' bank, the RBI has been fully owned by the Government of India since its nationalization in 1949. RBI has monopoly of note issue . </P> <P> In the 1950s, the Indian government, under its first Prime Minister Jawaharlal Nehru, developed a centrally planned economic policy that focused on the agricultural sector . The administration nationalized commercial banks and established, based on the Banking Companies Act of 1949 (later called the Banking Regulation Act), a central bank regulation as part of the RBI . Furthermore, the central bank was ordered to support economic plan with loans . </P>

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