Question

Commercial banks are established in accordance with the provision of the

Answer 1

Commercial Bank of India. The Commercial Bank of India, also known as Exchange Bank was a bank which wasestablished in Bombay Presidency (now Mumbai), in 1845 of the British Raj period.The Reserve Bank of India, India's central banking authority, was established in April 1935, but was nationalized on 1 January 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b)