RBI turns 90, PM Modi says India's banking system is now globally recognized as strong and sustainable

Today marks the 90th anniversary of the Reserve Bank of India, on this occasion, Prime Minister Narendra Modi in his keynote address in Mumbai said, that RBI in the world is known for its professionalism and commitment. Those affiliated with RBI today are very lucky. Today's policy made by RBI will define it in the next 10 years which will take it to its 100 years of establishment.

But, RBI also has to prioritize trust and stability just like growth. Meanwhile, due to the relentless efforts of the RBI, India's banking system is now globally recognized as Strong and sustainable.

PM remarked that the govt deployed a ₹3.5 lakh crore capital infusion to help public sector banks. From the insolvency and bankruptcy code, ₹3.15 lakh crore loans were resolved. Also, 27,000 applications of 9 lakh crore of underlined default were resolved in a timely manner.

Banks' gross NPA was 11.15% in 2018 and in Sep 2023 went down to 3%. PM emphasised that the clean balance sheet is not an issue anymore. Bank's credit growth had soared to 15% and in these achievements, RBI has played a major role.

Global heavyweight nations have still not recovered from COVID-19's financial constraints but the Indian economy is meanwhile setting new records. RBI has the potential to be a model for global leadership, remarked PM Modi.

RBI had a remarkable checkered history as it stands tall amongst peers on several accounts, RBI during COVID adopted and deployed measures to ensure financial stability. RBI addressed inflation and forex volatility during Russia Russia-Ukraine war. One of the few central banks to frontload policy rates hike in particular. RBI has done great work in building foreign reserves, said FM Nirmala Sitharaman.

RBI also issued a new coin to commemorate the special day.

On the occasion, alongside RBI Governor Shaktikanta Das and Union Finance Minister Nirmala Sitharaman, Maharashtra CM Eknath Shinde and Deputy CM Devendra Fadnavis were also present at the event.

Established in 1935, the RBI functions as the nation's central bank, operating under the regulatory framework of the Reserve Bank of India Act, 1934, and the recommendations of the Hilton Young Commission.

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