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Important Facts About  Reserve Bank Of India History,  About And Objectives. The  Reserve Bank of India (RBI)  is the Central Bank of India, also known as Banker’s Bank. The monetary and other banking policies of the Government of India are governed by the Reserve Bank. The Reserve Bank of India (RBI) was established on 1 April 1935 under the  Reserve Bank of India Act 1934 . The Reserve Bank of India has been in Mumbai since 1937. HISTORY OF RBI The Federal  Reserve Bank of India  or RBI is that the financial institution of the country. Central banks are relatively recent innovations, and most central banks, as we know them today, were established in the early 20th century. The Federal Reserve Bank was formed on the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the legal basis for the operations of a bank that commenced operations on 1 April 1935. Bank was formed Manage issue of notes Maintain reserves to ensure cash stabilit