The correct answer is 1st April 1935. Important PointsReserve Bank of India, which acts as a banker to the Central Government, was established on 1st April 1935. 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. The Central Office is where the Governor sits and where policies are formulated. Sir Osborne Arkell Smith was the first Governor of the Reserve Bank of India. Shri Shaktikanta Das is the present Governor of the RBI and the RBI is headquartered in Mumbai.