Controversy over Formation of Reserve Bank of India, 1927-35

Bank of India, 1927-35 Aditya Mukherjee The controversy over the setting up of the Reserve Bank of India, preceding its inauguration in 1935, brings out how Britain sought to protect its financial interests in India by maintaining control over the financial policy of colonial India. The Indian capitalists acted not only as representatives of their own class hut as spokesmen of anti-imperialist national economic interests in resisting British manoeuvres.