Prior to the establishment of the Reserve Bank of India, the government banking business was conducted by which of the following organisations?

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1. Formation: The Imperial Bank of India was created in $1921$ by amalgamating the Presidency banks.

2. Role: In the pre-RBI period the Imperial Bank acted as the principal banking agency for the Government of India, carrying out government banking business and some central banking functions.

3. Transfer: The Reserve Bank of India was established by statute and commenced operations in $1935$, at which point government banking responsibilities were taken over by the RBI.

4. Conclusion: Therefore, prior to the establishment of the Reserve Bank of India, the government banking business was conducted by the Imperial Bank of India.

FINAL_ANSWER: c

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