Explanation:

The East India Company Double Mohur, with the sketch of the Lion and Palm Tree, was found most suitable; however, it was decided to replace the lion by the tiger, the latter being regarded as the more characteristic animal of India. The Board of Directors, on February 23, 1935, approved the design of the RBI seal. Therefore, Tiger is the animal present on the insignia of the RBI. Hence option 2nd is correct.