Prime Minister Narendra Modi on Monday addressed the opening ceremony of RBI@90, a program marking 90 years of the Reserve Bank of India (RBI), in Mumbai, Maharashtra. He also released a commemorative coin to mark 90 years of RBI. RBI commenced its operations on April 1, 1935.
Addressing the occasion, the Prime Minister said that RBI has reached a historic landmark today completing 90 years of existence. Deeming the present RBI staff as fortunate, he 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.
He said that starting from there, today we have reached a point where the Indian banking system is being seen as a strong and sustainable banking system of the world as the near moribund banking system of that time is now in profit and showing record credit. Crediting clarity of policy, intentions and decisions for this transformation, he said, “Where intentions are right, results too are correct.”
In the last 10 years, the PM said that the government has highlighted the connect 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.
He also mentioned more than 1200 crore monthly transactions are happening 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.
The Prime Minister emphasized the importance of clarity for the targets of the next 10 years. He pointed out the importance of keeping an eye on the changes brought about by the cashless economy while promoting digital transactions. He also stressed the need for deepening financial inclusion and empowerment processes.
Stressing the diverse banking needs of a large country like India, he underlined the need to improve ‘ease of doing banking’ and provide tailor-made services as per the needs of the citizens. He also underscored the role of artificial intelligence and machine learning.