The correct answer is 1949. The Central Bank, also known as the National Bank or Reserve Bank in some countries, is an apex monetary authority in a country. It is an institution that manages and oversees a country's money supply, inflation, and interest rates. It regulates the commercial banking system and acts as a watchdog and regulator of other banks of a country. A Central Bank of a country acts as a banker and financial adviser to the government. Due to its pivotal role in the banking system, it is also known as "lender of last resort". Reserve Bank Of India (RBI)-The Reserve Bank of India (RBI) is the apex monetary Institution which controls Indian Rupee, monetary policy, and the banking system in India. The central bank was first established in the year 1935 under the Reserve Bank of India Act, 1934. After India's independence, the RBI was nationalized on 1 January 1949. RBI plays a vital role in the developmental strategy of the Government as it regulates the monetary policy of the country. Additional InformationSalient Features of the Reserve Bank of India ActAccepting of deposits from the Central and State Governments. Purchase, sale and rediscounting of bills of exchange and promissory notes. Sale and purchase of treasury bills. Advancing money to local authorities, scheduled banks, State Cooperative banks, development finance institutions, etc. Advancing money to the Central and State Governments. Purchase and Sale ofGovernment securities. Keeping of reserves of commercial banks. Management of clearing houses throughout the country, etc. The RBI Act empowers the Reserve Bank to perform Central Banking. Functions such as-Issue of currency notes. Government's banks. Banker of the commercial banks. Control of credit in the economy. The Reserve Bank has been given the power to issue licenses for open new banking companies and also for new branches.