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The Reserve Bank of India (RBI) was established on 1 April 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The central office where the governor sits and where policies are formulated was initially established in Calcutta but was permanently moved to Mumbai in 1937. Though originally privately owned, since nationalization in 1949, the Reserve Bank of India is fully owned by the government of India. The RBI began operations by taking over the management of government accounts and public debt, as well as note issuance, from the government of India, which retained the exclusive right to issue 1-rupee notes. For more information, visit www.rbi.org.in.