Option 4: 1935 -> The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the Reserve Bank of India Act, 1934. It was set up based on the recommendations of the Hilton Young Commission. The RBI was initially privately owned but was nationalized in 1949. It serves as the central bank of India, responsible for monetary policy, currency issuance, and banking regulation. -> correct