The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy of the Indian rupee. It was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934. The share capital was divided into shares of ₹100 each fully paid, which was entirely owned by private shareholders in the beginning. Following India’s independence in 1947, the RBI was nationalised in the year 1949.