Mumbai: Prime Minister Narendra Modi addressed the 90th anniversary of the Reserve Bank of India (RBI) in Mumbai on April 1, 2024. The RBI was established on April 1, 1935, and has since completed nine decades of service. He also revealed a special commemorative coin during the event.
“RBI has witnessed both the pre and post-independence eras and has created an identity around the world based on its professionalism and commitment,” he said.
PM Modi looked back on how India’s banking sector has changed over time, remembering problems like non-performing assets (NPAs) and instability. He praised recent reforms, like adding funds and better governance, for making India’s banking system better, with NPAs decreasing a lot.
RBI’s efforts have directly benefited regular people, Modi pointed out, while talking about its successes in making finance more accessible, especially for women and rural areas. He commended the RBI’s rules for cooperative banks and mentioned achievements like the widespread use of Unified Payments Interface (UPI).
PM Modi outlined goals for the next ten years, focusing on digital transactions, financial inclusion, and customised banking services. He also placed importance on artificial intelligence and machine learning to improve banking efficiency.
“Steps like active price monitoring and fiscal consolidation kept inflation at a moderate level even during difficult times of Corona,” Modi said. He believes the RBI can become a global leader in balancing inflation control and economic growth.
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