PM Modi addresses the 90th anniversary celebration of RBI

Prime Minister Narendra Modi addressed the opening ceremony of  RBI@90 in Mumbai, Maharashtra on 1 April 2024. The ceremony was organised to mark the 90 years of the establishment of  India’s central bank, Reserve Bank of India (RBI). The Prime Minister Modi released a commemorative coin to mark 90 years of RBI on the occasion.

During the ceremony the governor of Maharashtra Ramesh Bains, Chief Minister of Maharashtra, Eknath Shinde, Deputy Chief Ministers of Maharashtra Devendra Fadnavis and Ajit Pawar, Union Finance Minister Smt Nirmala Sitharaman RBI Governor Shaktikanta Das  and other dignitaries were present on the occasion.

Highlight of the Prime Minister Modi Speech 

Speaking on the occasion the Prime Minister said that in the next 10 years India shall work for economic self-reliance so that it can be protected from global financial turmoil.He said that RBI will play a crucial role in achieving this economic self -reliance.

He said that Under his government India is becoming an engine of economic growth and its share in global growth rate was 15 percent.

The Prime Minister said that the next 10 years were crucial for reversing the goal of Viksit Bharat by 2047 and RBI will play a central role in it with its priority of  fast-paced growth and focus on trust and stability.

He said that during his government the Indian banking sector has emerged more strong with a  strong balance sheet. He pointed out that  Gross NPA (Non Performing Assets) of banks that stood at 11.25 percent in 2018 came down to below 3 percent by September 2023.

Government of India infused Rs 3.5 lakh crore  in the public sector banks to make it more 

strong.

About Reserve Bank of India 

India’s central bank. Reserve Bank of India (RBI) was set up on the recommendation of the Royal Commission on Indian Currency and Finance also known as the Hilton-Young Commission.

Accepting the recommendation of the Hilton-Young Commission the Reserve Bank of India Act 1934 was passed.

On 1 April 1935 ,the Reserve Bank of India started its operation.

The RBI was initially owned by a private person . It was nationalised in 1949 and is now owned by the Government of India.

Main functions of the RBI 

• It is the apex monetary body which formulates,implements and monitors the monetary policy.
• It regulates and supervises the Indian financial system. It is  the regulator and supervisor of the financial system.It regulates banks, NBFC,NABARD,SIDBI,EXIM Bank.
• It manages the foreign exchange reserves of India.
• It issues currency notes in India except Re 1 notes and coins. Re 1 notes and coins are issued by the government of India.
• It is the regulator and supervisor of the payment and settlement system in india.
• It is the banker to the governments and all the scheduled banks.

Offices of RBI 

The headquarters of RBI was shifted from Kolkata to Mumbai in 1937 .The RBI has 33 offices.

Governor of RBI

Sir Osborne Smith was the first governor of RBI.

The first Indian governor of RBI was C.D.Deshmukh.He was appointed in 1943. 

Current and 25th Governor of RBI: Shaktikanta Das