PM Modi released a commemorative coin on the 90th anniversary of RBI (Image: X/ANI)
Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also attended the event
Congratulating the Reserve Bank of India on completing 90 years of service, Prime Minister Narendra Modi said the Central bank entered a historic phase today. Addressing a ceremony marking the anniversary celebrations in Mumbai, PM Modi said RBI is known in the world for its professionalism and commitment.
“In 2014, when I attended the program for the completion of 80 years of the RBI, the situation was very different. The entire banking sector of India was struggling with problems and challenges. Everyone was doubtful regarding the stability and future of India’s banking system. The situation was so bad that the Public Sector banks were not able to provide enough boost to the country’s economic progress… And today, India’s banking system is seen as a strong and sustainable banking system in the world,” he said
PM Modi said this changed because his government has clear policies, honesty, and commitment.
The Prime Minister stressed that India’s GDP is dependent on coordination between monetary and fiscal policies
“Transformation of the Indian banking sector is a case study, govt infused Rs 3.5 lakh crore capital in PSU banks for their revival. NPAs in banks have fallen to less than 3 pc in September 2023 from a record high of 11.25 pc in 2018; credit growth at 15 PC,” he noted.
PM Modi released a commemorative coin on the 90th anniversary of RBI. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also attended the event.
RBI At 90
Established in 1935, RBI functions as the nation’s central bank, following the recommendations of the Hilton Young Commission and is governed by the Reserve Bank of India Act, of 1934.
The functioning of this central bank is governed by the Reserve Bank of India Act, 1934 (II of 1934), and it began operations on April 1, 1935, with Sir Osborne Smith as the first Governor, responsible for functions such as currency issuance, banking services for banks and the government, and the development of rural cooperatives and agricultural credit.
In 1937, the Central Office of the Reserve Bank was also shifted from Kolkata to Mumbai.
The RBI’s role has expanded to cover monetary management, regulation and supervision of the financial system, management of foreign exchange, currency issuance, regulation and supervision of payment and settlement systems, and developmental roles over the years.
