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, the custodian of India’s foreign exchange reserves, and the regulator of the Indian banking system.
The RBI grants licenses to commercial banks to operate in India. The RBI also regulates the activities of commercial banks, including their lending and investment activities.
The RBI is a statutory body, which means that it is established by law. The RBI is governed by a board of directors, which is appointed by the Government of India. The RBI is headquartered in Mumbai, Maharashtra.
The RBI plays a vital role in the Indian economy. It helps to maintain financial stability, promote economic growth, and protect the interests of depositors.
The other options are incorrect.
Option A is incorrect because the Government of India does not grant licenses to commercial banks to operate in India. The RBI is the only body that is authorized to grant such licenses.
Option B is incorrect because the Ministry of Finance is not the body that grants licenses to commercial banks to operate in India. The RBI is the only body that is authorized to grant such licenses.
Option D is incorrect because the Banking Companies Regulation Act, 1949 is a law that regulates the activities of commercial banks in India. The law does not grant licenses to commercial banks to operate in India.