The inaugural ceremony commemorating 90 years of RBI (RBI@90) was held in Mumbai, Maharashtra today. RBI commenced its operations on the 1st of April in 1935. Prime Minister Narendra Modi graced the programme and also released a commemorative coin to mark 90 years of RBI.
Speaking at the occasion, PM Modi hailed RBI for reaching the milestone and underlined that the Bank 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 today India has reached a point where the country’s 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.
Prime Minister credited clarity of policy, intentions and decisions for this transformation. “Where intentions are right, results too are correct”, he said. He pointed out that even though the discussions related to the RBI are often limited to financial definitions and complex terminologies, the work carried out at RBI directly makes an impact on the lives of common citizens and 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, the Prime Minister underlined the need to improve ‘ease of doing banking’ and provide tailor-made services as per the needs of the citizens. He underscored the role of artificial intelligence and machine learning.
PM Modi also mentioned inflation-controlling measures like giving the right of inflation targeting to the RBI and praised the performance of the Monetary Policy Committee in this regard. Steps like active price monitoring and fiscal consolidation kept inflation at a moderate level even during difficult times of Corona.
Highlighting the importance of creating a balance between inflation control and growth for any developing country, PM Modi expressed confidence that RBI can become a model for this and play a leadership role in the world, thereby supporting the entire global south region.
Stressing the importance of innovation in the 21st century, he asked RBI to be prepared for the proposals that will come with regard to cutting-edge technologies with teams and identification of personnel for the task.
