The Reserve Bank of India (RBI) recently celebrated its 90th anniversary, commemorating nearly a century of steadfast contribution to India’s economic progress. At the closing ceremony held in Mumbai, the President of India, Droupadi Murmu, lauded the institution for its crucial role in shaping the nation’s financial framework and championing inclusive growth.
From its inception in 1935, the RBI has been a cornerstone of India’s economic journey, guiding the country through significant milestones, from pre-independence poverty to its present status among the world’s top economies. During her address, President Murmu underscored the RBI’s profound impact, stating that it has emerged as one of India’s most essential institutions. She highlighted the symbolic power of a governor’s signature on currency, which transforms paper into fiat money trusted by millions across the nation.
The President attributed the RBI’s enduring credibility to its unwavering mandate of maintaining price stability, promoting growth, and ensuring financial stability. Over the years, the institution has demonstrated resilience and adaptability by addressing challenges, including economic liberalization in the 1990s and the recent COVID-19 pandemic. Notably, its efforts have safeguarded the country’s financial system against adverse global trends, ensuring stability amidst uncertainties.
A distinguishing feature of the RBI’s journey has been its commitment to institution-building and financial inclusion. President Murmu reflected on how the RBI established pivotal organizations such as NABARD, IDBI, SIDBI, and the National Housing Bank. These institutions have supported various sectors, including agriculture, small enterprises, and housing, fostering widespread economic development. She also commended initiatives like the Lead Bank Scheme, which expanded banking reach to rural areas, further ensuring inclusive growth.
On the financial inclusion front, the RBI has played a crucial role in enabling universal access to banking services, particularly through support for schemes like PM Jan Dhan Yojana. Its regulatory framework facilitated the onboarding of millions of account holders, significantly advancing India’s financial inclusivity. President Murmu particularly noted the impact on women’s financial empowerment through this scheme.
As India embraces technological advancements, the RBI has emerged as a global leader in digital payments. The institution has modernized the payment infrastructure, introducing innovative platforms like UPI, which revolutionized transactions with instant, low-cost, and secure services. Beyond payments, the central bank nurtures a vibrant fintech ecosystem, ensuring a seamless blend of traditional and modern financial practices.
President Murmu also acknowledged the RBI’s commitment to consumer protection and financial awareness. By ensuring robust deposit insurance mechanisms, strengthening grievance redressal systems through the Integrated Ombudsman Scheme, and launching awareness campaigns, the institution has prioritized customer interests. Moreover, its proactive measures against financial fraud and cyber threats exemplify vigilance in safeguarding consumer trust.
Rising to the challenges of climate change, the RBI has demonstrated innovation by promoting sustainable finance. Initiatives such as the Green Deposit Framework and the inclusion of green finance under Priority Sector Lending are shaping India’s transition to a greener economy, complementing government efforts in this area.
As India approaches the centenary of its independence in 2047, President Murmu emphasized the significance of the RBI in realizing the vision of “Viksit Bharat.” She highlighted its role in fostering an inclusive and adaptive financial ecosystem, which will be instrumental in navigating complex challenges ahead. With a steadfast commitment to stability, innovation, and inclusivity, the RBI will remain a pillar of strength, steering the nation towards prosperity and global leadership.
The ceremony concluded with the President extending heartfelt congratulations to the entire RBI family for their dedicated service and contribution to India’s economic destiny. As the guardian of monetary and financial stability, the RBI’s remarkable journey over the past 90 years promises to inspire confidence and innovation in the years to come.
