The RBI commenced operations on April 1, 1935, based on the recommendations of the Hilton Young Commission. Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937. A professional banker, he served for over 20 years with the Bank of New South Wales and 10 years with the Commonwealth Bank of Australia before coming to India in 1926 as managing governor of Imperial Bank of India.

       The Reserve Bank of India (RBI), which performs the dual role of monetary policymaking and regulating banks, enters its 90th year

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