Who supervises the formal sources of loans in India and when was it established?

Ministry of Finance; established on 1 April 1935

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Ministry of Finance; established on 1 April 1940

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Reserve Bank of India; established on 1 April 1935

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State Bank of India; established on 1 April 1940

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Solution

The correct option is C Reserve Bank of India; established on 1 April 1935
The Reserve Bank of India is the central bank of India and controls all banking activities. It has the sole authority to print and circulate money in India. It regulates the banking functions of all the banks in India and plays an important role in foreign exchange.

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