With the formation of the Reserve Bank of India in 1935, some of the central banking functions of the Imperial Bank were taken over by the RBI and subsequently, the State Bank of India, set up in July 1955, assumed the other functions of the Imperial Bank and became the successor to the Imperial Bank of India.
Second, euro area governments must urgently bring forward necessary structural reforms and engage in sustainable fiscal policies within a strengthened euro area governance framework. A number of steps have been undertaken recently to strengthen economic governance. Fiscal policies should, however, be more grounded in a rules-based framework with clear medium term objectives, similar to monetary policy.