The Reserve Bank of India (RBI) celebrated its momentous 90th anniversary with an opening ceremony in Mumbai, Maharashtra today, commemorating nine decades of its establishment.
Esteemed guests including Governor of Maharashtra, Ramesh Bains, Chief Minister of Maharashtra, Eknath Shinde, Deputy Chief Ministers Devendra Fadanvis and Ajit Pawar, Union Finance Minister Smt Nirmala Sitharaman, and RBI Governor Shaktikanta Das graced the occasion with their presence.
In the inaugural address, Shaktikanta Das welcomed all attendees, acknowledging the nine-decade journey of the RBI as one of efficient functioning and significant contribution to the nation's progress.
He extended a warm welcome to the Prime Minister Modi, highlighting the close intertwining of RBI's evolution with the development of the Indian economy. Das emphasized RBI's transition into a key enabler for the market economy, functioning as a full-service central bank across multiple dimensions.
He said, "The RBI's proactive approach in anticipating situations and implementing measures amidst challenging times has been noteworthy". He noted the global challenges posed by the COVID-19 pandemic and ongoing geopolitical hostilities, stressing the resilience of India's economy due to well-calibrated monetary and fiscal policies.
Subsequently, Nirmala Sitharaman addressed the gathering, focusing on RBI's initiatives and the use of conventional and unconventional instruments to ensure liquidity, promote growth, and maintain financial stability.
She cited examples such as loan repayment moratoriums and liquidity infusions during the post-COVID period. Sitharaman also discussed RBI's response to the Russia-Ukraine war, particularly aimed at addressing inflation and forex market volatility.
She applauded RBI's early recognition of inflation's non-transient nature and its proactive policy rate hikes. Additionally, she commended RBI's management of forex reserves as timely, contributing to confidence and optimism-building even during the pandemic. Simultaneously highlighting RBI's institutional credibility and its effective use of unconventional communication instruments.
Prime Minister Narendra Modi, graced the occassion with his remark, "The Reserve Bank of India has attained a historic milestone today, completing 90 years of service." He shed light upon RBI's journey through both pre and post-independence eras, highlighting its global recognition for professionalism and dedication.
"The next decade holds immense significance for the development of a prosperous India," PM Modi said. He conveyed his best wishes for the realization of its objectives and aspirations.
Modi reminisced about the challenges faced by the banking system during the 80-year celebration of RBI in 2014, including issues like NPA and stability. From those trials, he acknowledged the remarkable transformation that has elevated the Indian banking system to global prominence, attributing it to the clarity of policy, intent, and decisions. "Where intentions are right, results follow suit," PM Modi said.
Emphasizing the tangible impact of RBI's operations on the lives of citizens, PM Modi highlighted upon the government's efforts towards financial inclusion, particularly the empowerment of women through initiatives like Jan Dhan accounts.
Looking ahead, PM Modi outlined the targets for the next decade, stressing the importance of adapting to a cashless economy while deepening financial inclusion and empowerment processes.
He commended RBI's role in inflation control and urged proactive measures to support various sectors, particularly during challenging times like the COVID-19 pandemic. Modi reiterated India's resilience in the face of global economic uncertainties, positioning RBI as a model for balancing inflation control and growth on the global stage.
He concluded by asserting the importance of RBI's holistic vision for a developed India, encompassing diverse sectors and stakeholders, and expressed confidence in its leadership role on the global stage.
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