The correct answer is The Reserve Bank served as the central bank of Pakistan up to April 1947. The Reserve Bank of India is the central bank of the country. It was established based on the recommendations of the "Hilton Young Commission". The Reserve Bank of India Act, 1934 (III of 1934) provides for the statutory basis of the functioning of the bank. The Reserve Bank of India was established with a capital of 5 crores. The accounting year of the Reserve Bank of India is between 1 July to 30 June while the country's fiscal year is between 1 April to 30 March. Additional InformationThe printing of notes in India is done by the Reserve Bank. The work of minting one rupee notes and all coins is done by the Ministry of Finance. The first governor of the Reserve Bank of India was "Osburn Smith" (The English). The first Indian-origin governor of the Reserve Bank of India was C D Deshmukh.