RBI Celebrates 90 Years: Prime Minister Narendra Modi on April 1 praised the widespread adoption of UPI and stressed the importance of the Reserve Bank of India (RBI) focusing on promoting digital transactions and financial inclusion over the next decade.
The prime minister was delivering the keynote address at the central bank’s 90th anniversary event today in Mumbai. Also present were RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman. PM Modi also unveiled a special coin to commemorate the occasion.
Governor Shaktikanta Das, in his opening statement, emphasised the RBI’s ongoing efforts to bolster the resilience of India’s financial sector by consistently monitoring new trends and taking preventive measures.
Established in 1935, the RBI serves as the country’s central bank and operates under the regulatory framework outlined in the Reserve Bank of India Act, 1934, along with the recommendations of the Hilton Young Commission.
Here are the Top 10 Updates
— Modi believes the Indian banking system is worthy of a case study. He said that a combination of clear policy, intent, and decision-making led to improvements in the banking system, adding that the transformation of the Indian banking system is worthy of a case study.
— Modi congratulated the RBI for achieving its targets and objectives. He said that Indian banks are now profitable and credit growth is touching record levels. Today, India’s banking system is recognized worldwide as strong and stable. Gross NPA for banks came down from 11.25 percent in 2018 to 3 percent now, he added.
— The prime minister also added that India has to work towards making the Rupee more acceptable globally.
— Modi commended the efforts of his government and the RBI over the past decade, noting the profitability of the banking sector and the credit growth.
— Modi declared the resolution of the “twin-balance sheet” issue, stating that banks are now experiencing a credit growth of 15 percent.
— The PM credited the RBI for its significant contribution to these achievements.
— On UPI, Modi said it has become a globally recognised platform. He added that the central bank is also working on central bank digital currency.
— PM Modi stated that India aims to achieve economic self-reliance within the next decade to reduce vulnerability to global factors.
— Modi also highlighted the potential for increased job opportunities when the BJP-led NDA government begins its third term in June.
— On the economy, the PM said: “We must enhance India’s economic self-reliance”.
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Published: 01 Apr 2024, 12:46 PM IST