The Reserve Bank of India was set up on 1st April, 1935 in compliance with the provisions of the Reserve Bank of India Act, 1934. The Reserve Bank is the Central bank of India which has been conferred with the duty to supervise the monetary stability, the management of currency and the financial as well as the payments system. Initially, the RBI was privately owned. In 1949, the Reserve Bank of India was nationalized and came under full control of the Government of India. The Reserve Bank of India has evolved with the changing economic environment. The basic functions of the Reserve Bank have been described under the Preamble of the Reserve Bank of India as, "...to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage." The affairs of the Reserve Bank of India are governed by a central board of directors. The board is appointed by the Government of India according to the provisions of the Reserve Bank of India Act, 1934.