India's central banking institution, the Reserve Bank of India, is formed.

Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, regulatory body for the Indian banking system and Indian currency. Owned by the Ministry of Finance, Government of the Republic of India, it is responsible for the control, issue, and supply of the Indian rupee. It also manages the country's main payment systems.

April 1 is the 91st day of the year in the Gregorian calendar; 274 days remain until the end of the year.