Correct Answer: Hilton Young Commission
Subject: economics
Explanation: • <b>Key Fact</b> The Hilton Young Commission (Royal Commission on Indian Currency and Finance) in 1926 recommended setting up a Central Bank in India. • <b>Supporting Detail</b> Based on this, the Reserve Bank of India Act was passed in 1934, and RBI started functioning on 1st April 1935. • <b>Related Concept</b> The purpose was to separate currency control from the government and regulate credit. • <b>Why wrong options are wrong</b> Narasimham Committee relates to banking reforms, and Malegam Committee studied microfinance issues. • <b>Exam Trick</b> Remember "Hilton Young" as the "young" foundation step for India's central banking system. • <b>Additional Info</b> RBI was nationalised on 1st January 1949.
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