The correct answer is Mumbai. Important PointsHeadquarter of RBI is located at Mumbai. ?RBI was established on April 1, 1935, under the Reserve Bank of India Act,1934. Current Governor of RBI is Shri Shaktikanta Das ( 25th )Sir Osborne Smith was the first governor of RBI and C. D Deshmukh was the first Indian governor of RBI. It operates the currency and credit system of the country. It is called the Bankers Bank of India. It formulates, implements, and monitors the monetary policy.