Explain in detail the evolution of central Banking in India.
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The current tussle between the Central Government and the Reserve Bank of India (RBI) has brought into focus the issue of autonomy of the central bank in operationalising its monetary policy. ... Even later, it evolved into a banker to the banks and a lender of last resort.
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In America, Federal Reserve Banks started functioning as the central bank in 1913. ... The Reserve Bank of India—the central bank of our country— was set up in 1935. The Bank of Pakistan is the name of the central bank of Pakistan. On the question of issuing notes, we trace the evolution of central banking
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