The Reserve Bank of India marked the conclusion of its 90th-anniversary celebrations in Mumbai today, an event graced by the President of India, Droupadi Murmu. Reflecting on the institution’s journey, she highlighted its central role in shaping India’s economic landscape from a time of struggle to its current position as one of the world’s leading economies.
The President acknowledged that while the average citizen may not interact directly with the RBI, the institution governs every financial transaction they undertake. She emphasized that the greatest achievement of the RBI over nine decades has been the trust it has instilled in the people. By steadfastly maintaining price stability, fostering economic growth, and ensuring financial resilience, the central bank has upheld its mandate while adapting to an ever-changing economic environment. Its ability to respond effectively to key challenges, from economic liberalization in the 1990s to the recent disruptions caused by the COVID-19 pandemic, stands as a testament to its adaptability and commitment.
A key highlight of the RBI’s contributions has been its pivotal role in transforming India into a global leader in digital payments. By modernizing the payment infrastructure and introducing groundbreaking innovations such as UPI, the RBI has made digital transactions not only seamless and cost-effective but also secure. This has significantly deepened financial inclusion, allowing millions to access banking services more easily. Furthermore, the RBI’s support for the fintech sector has enabled a thriving ecosystem of financial innovation.
Looking ahead, as India moves towards its centenary of independence in 2047, the President underscored the need for a financial system that is inclusive, dynamic, and adaptive to future challenges. She expressed confidence that the RBI would continue to be a pillar of strength, guiding India toward greater economic prosperity and global leadership. Its role as the guardian of financial stability will remain crucial in shaping a robust banking system, fostering innovation, and ensuring that India’s financial ecosystem remains resilient in an increasingly interconnected world.
