Reserve Bank: The Pillar of India’s Economic Stability; A Key Contributor to India’s Global Leadership in Digital Transactions - President Droupadi Murmu
Mumbai, April 1: As India moves towards becoming a ‘Developed India’ (Viksit Bharat 2047), an innovative and inclusive financial system is essential to tackle new economic challenges. The Reserve Bank of India (RBI) will continue to be the pillar of India’s economic stability. The RBI has played a significant role in making India a global leader in digital transactions. It will remain crucial in maintaining a strong banking system, fostering financial innovation, and ensuring consumer confidence, stated President Droupadi Murmu today.
President Murmu was speaking at the 90th anniversary celebrations of the Reserve Bank of India, held at NCPA Nariman Point. The event was attended by Governor C.P. Radhakrishnan, Chief Minister Devendra Fadnavis, Deputy Chief Ministers Eknath Shinde and Ajit Pawar, and RBI Governor Sanjay Malhotra.
President Droupadi Murmu remarked that the RBI’s 90th-anniversary celebration is a milestone for one of the most important institutions in the country. As the central bank of India, the RBI has been at the core of India’s unique development journey. From the challenging times before independence to its rise as a global power, the RBI has remained a crucial pillar. Established in 1935, this institution has always stayed ahead of India’s developmental progress and has led the country’s economic transformation.
The RBI is not just a central bank but also plays a vital role in financial inclusion and institutional development. It has established key financial institutions such as NABARD, IDBI, SIDBI, and the National Housing Bank, which support agriculture, small businesses, and housing sectors. The 'Lead Bank Scheme' has helped extend banking services to rural areas. The RBI has also created a favorable policy environment for the Pradhan Mantri Jan Dhan Yojana, ensuring financial inclusion. A noteworthy aspect is the significant participation of women in this scheme, indicating a positive shift toward economic empowerment
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