The incorrect statement is In 1929, the Hilton Young Commission recommended the establishment of a central bank to be called the 'Reserve Bank of India'. The Reserve Bank of India is the central bank of the country. The Reserve Bank of India commenced operations in 1935. Central banks are a relatively recent innovation and most central banks, as we know them today, were established around the early twentieth century. The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. 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 is where the Governor sits and where policies are formulated. Though originally privately owned, since its nationalization in 1949, the Reserve Bank is fully owned by the Government of India.