New Delhi: PM Modi addressed the opening ceremony of RBI@90, a program marking 90 years of the Reserve Bank of India, in Mumbai, Maharashtra today. He also released a commemorative coin to mark 90 years of RBI, a PIB press release stated.
The Reserve Bank of India (RBI) commenced its operations on the 1st of April in 1935 and enters its 90th year today.
Addressing the occasion, the Prime Minister said that the Reserve Bank of India has reached a historic landmark today completing 90 years of existence. He underlined that the RBI has witnessed both the pre and post-independence eras and it has created an identity around the world based on its professionalism and commitment.
PM Modi congratulated all staff on the completion of 90 years and said that the policies drafted today will shape the next decade of RBI and noted that the next 10 years will take RBI to its centenary year.
“The next decade is extremely important for the resolutions of a Viksit Bharat”, PM Modi said, highlighting the RBI’s priority towards fast-paced growth and focus on trust and stability.
Emphasizing the importance of coordination of monetary and fiscal policies in the GDP and the economy of the country, the Prime Minister recalled the 80-year celebration of RBI in 2014 and remembered the challenges and problems like NPA and stability faced by the banking system of the country at that time.
The PM credited clarity of policy, intentions and decisions for this transformation.
“Where intentions are right, results too are correct”, he said.
He said that the problem of twin balance sheets is a problem of the past and complimented RBI for their contribution to this transformation. Prime Minister Modi pointed out that even though the discussions related to the RBI are often limited to financial definitions and complex terminologies, the work carried out at RBI directly makes an impact on the lives of common citizens.
In the last 10 years, the Prime Minister said that the government has highlighted the connection between the central banks, banking systems and beneficiaries at the last queue and gave the example of financial inclusion of the poor.
He mentioned that 55 percent of the 52 crore Jan Dhan accounts in the country belong to women. He also mentioned the impact of financial inclusion in the agriculture and fisheries sector where more than 7 crore farmers, fishermen and cattle owners have access to PM Kisan Credit Cards providing a significant push to the rural economy.
Referring to the boost for the cooperative sector in the past 10 years, the Prime Minister threw light on the importance of regulations of the Reserve Bank of India regarding cooperative banks. He also mentioned more than 1200 crore monthly transactions via UPI making it a globally recognized platform.
The Prime Minister also touched upon the work being done on Central Bank Digital Currency and said that the transformations of the past 10 years have enabled the creation of a new banking system, economy and currency experience. He highlighted the role of RBI in speedy and sustainable growth of the country.
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