RBI’s Milestones: Celebrating 90 Years of Financial Evolution

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RBI’s Milestones: Celebrating 90 Years of Financial Evolution
  • By Gautam Tejwani
  • 02nd April, 2024
  • Banking

RBI’s 90th Anniversary Celebration

Prime Minister Narendra Modi lauded the extensive adoption of UPI and underscored the significance of the Reserve Bank of India (RBI) prioritizing digital transactions and financial inclusion in the coming decade.

Addressing the central bank’s 90th-anniversary gathering in Mumbai on April 1, PM Modi was joined by RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman. He also unveiled a commemorative coin for the occasion.

In his opening remarks, Governor Shaktikanta Das highlighted RBI’s continuous efforts to fortify India’s financial sector by vigilantly monitoring emerging trends and proactively taking precautionary measures.

Established in 1935, the RBI functions as the nation’s central bank, operating within the regulatory framework delineated in the Reserve Bank of India Act, 1934, and guided by the recommendations of the Hilton Young Commission.

Prime Minister Modi‘s Perspectives

1. Transformation of Indian Banking

PM Modi hailed the Indian banking sector’s evolution as a noteworthy case study. He attributed the sector’s advancements to a combination of coherent policies, resolute intent, and decisive actions.

2. Achievements of RBI

Modi extended his congratulations to RBI for attaining its targets and goals. He noted that Indian banks are now profitable, with credit growth reaching historic highs. The global recognition of India’s robust and stable banking system was emphasized, with gross NPAs dropping from 11.25 percent in 2018 to 3 percent presently.

3. Global Acceptance of Rupee

Emphasizing the need to enhance the global acceptance of the Rupee, PM Modi underscored India’s obligation to work towards this objective.

4. Resolving Financial Challenges

Commending the collaborative efforts of his government and RBI over the past decade, Modi highlighted the sector’s profitability and credit expansion. He declared the resolution of the “twin-balance sheet” issue, resulting in a 15 percent credit growth for banks.

5. Focus on Ease of Credit Access

PM Modi credited RBI for its substantial contributions to these achievements. He advocated for an easier access to credit for the underprivileged sections of society.

6. UPI’s Global Recognition

Regarding UPI, Modi noted its global recognition as a platform. He mentioned the central bank’s efforts towards the development of a central bank digital currency.

7. Economic Self-Reliance

Expressing India’s aspirations for economic self-reliance within the next decade, Modi aimed to diminish vulnerability to global influences. He highlighted the potential for increased job opportunities under the BJP-led NDA government’s third term, starting in June.

8. Economic Priorities

Regarding the economy, PM Modi stressed the need to enhance India’s economic self-sufficiency. He credited RBI’s inflation-targeting framework for maintaining moderate price pressures. Modi urged RBI to explore innovative tools to balance inflation and growth, emphasizing the primacy of growth in the upcoming decade while prioritizing trust and stability.

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