Section 16 – Reserve Bank of India Act, 1934 HomeReserve Bank of India Act, 1934Section 16 – Reserve Bank of India Act, 1934 published by Advocate Shruti Goyal | April 1, 2025 First constitution of Local Board [Repealed by the Reserve Bank (Transfer to Public Ownership) Act, 1948, w.e.f. 1-1-1949.]