The Correct Answer is Mumbai. 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 Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India. Additional InformationNational OrganisationFounding dateHeadquartersSecurities and Exchange Board of India (SEBI) 12 April 1992 MumbaiPension Fund Regulatory & Development Authority (PFRDA)23 August 2003 New Delhi. National Bank for Agriculture and Rural Development (NABARD)12 July 1982 Mumbai Small Industries Development Bank of India (SIDBI) 2 April 1990 Lucknow National Housing Bank (NHB) 9 July 1988New Delhi