______ was established in 1935 on the recommendation of Hilton-Young Commission.

Correct option is D

Correct Answer:(d) Reserve Bank of India.

Explanation:
The Reserve Bank of India (RBI) was established in 1935 based on the recommendations of the Hilton-Young Commission (1926). The RBI Act, 1934, provided the framework for its formation. Initially, it was a privately owned bank, but it was nationalized in 1949 after India's independence. The RBI is the central bank of India and plays a crucial role in monetary policy, currency issuance, and financial regulation.

Key Points for Exam (Establishment Year of Other Banks):
Bank of Baroda – Established in 1908.
State Bank of India (SBI) – Originally founded as Bank of Calcutta in 1806, later became SBI in 1955.
Central Bank of India – Established in 1911, known as the first Indian commercial bank wholly owned by Indians.
Punjab National Bank (PNB) – Established in 1894.
Canara Bank – Founded in 1906 in Mangalore, Karnataka.
Union Bank of India – Established in 1919.
Allahabad Bank – Founded in 1865, merged with Indian Bank in 2020.