The correct answer is (c), Reserve Bank of India.
The Reserve Bank of India (RBI) is the central bank of India. It was established on April 1, 1935, in accordance with the Reserve Bank of India Act, 1934. The RBI is the banker to the government of India and the banker’s bank. It is also the issuer of the Indian rupee.
The RBI has the following functions:
- To regulate the issue of bank notes and to keep the value of the rupee stable.
- To promote the growth of the Indian economy.
- To maintain financial stability in the country.
- To act as the lender of last resort to banks.
- To regulate the financial system in India.
The RBI is governed by a central board of directors, which is appointed by the government of India. The board is headed by the governor of the RBI, who is appointed by the government of India on the recommendation of a search committee.
The RBI has its headquarters in Mumbai, and it has branches all over India. It also has offices in a number of foreign countries.
The RBI is a very important institution in the Indian economy. It plays a vital role in the regulation of the financial system and in the promotion of economic growth.
The other options are incorrect because they are not central banks.
(a) The Central Bank of India is a commercial bank. It is not the central bank of India.
(b) The Industrial Development Bank of India is a development bank. It is not the central bank of India.
(d) The State Bank of India is a commercial bank. It is not the central bank of India.