Which bank controlled by all banks before forming reserve bank of India?

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2026-02-10 14:45

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Before the formation of the Reserve Bank of India in 1935, the Imperial Bank of India was the central bank-like institution, which was controlled by a consortium of commercial banks. The Imperial Bank served as the primary bank for the British government in India and performed some central banking functions, although it lacked the full authority and structure of a central bank. The establishment of the Reserve Bank of India aimed to create a more effective and independent central banking system for the country.

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