MUMBAI: The RBI has not only evolved with the changing times but has been a key architect of India’s financial transformation, President Droupadi Murmu said here on Tuesday at the Reserve Bank of India’s (RBI) 90th anniversary commemoration ceremony.
RBI At 90
“From containing inflation and strengthening financial inclusion to maintaining monetary stability and enabling robust economic growth, its role has been fundamental in shaping the nation’s economic destiny,” she underlined.
“As the guardian of monetary and financial stability, RBI will play a defining role in this journey–ensuring a sound banking system, driving financial innovation, and safeguarding trust in our financial ecosystem.
The RBI earned this trust by steadfastly maintaining its mandate of price stability, growth, and financial stability. It has continuously adapted to meet the evolving needs of our growing nation. Its swift responses to key challenges, from economic liberalisation in the 1990s to the Covid-19 pandemic, highlight its resilience and adaptability.
‘Utmost Faith In The Financial System’
“I have no hesitation in saying that the RBI has emerged as one of the most critically important institutions in the nation. Is it not less than a miracle that a piece of paper becomes a fiat money when it bears the RBI governor’s signature? Nobody else’s signature has that power.
“Everyone needs that piece of paper to conduct their daily life. A common man or woman has no direct interaction with RBI–except for its name printed on the currency notes in their pockets, but indirectly all their financial dealings, through banks and otherwise, are governed by the RBI. And they instinctively place their utmost faith in the financial system overseen by it. In the nine decades, the biggest achievement of the RBI is this trust,” President said.
The RBI’s remarkable journey over the past 90 years, she said, has been closely aligned with the vision and policies of the government. This enduring partnership has been essential in navigating complex economic transitions, implementing critical financial reforms, and maintaining macroeconomic stability.
President Murmu continued, “As India approaches the centenary of its Independence, the mission of ‘Viksit Bharat 2047’ calls for a financial ecosystem that is innovative, adaptive, and accessible to all. The path ahead will present new complexities and challenges. In an increasingly globalising world, it has also ensured that India’s financial system remains resilient in the face of any adverse international trends. The RBI has played a key role in making India a global leader in digital payments.
RBI | Representative Image
RBI’s Role In The Evolving World
“As India transitions towards an increasingly technology-driven financial ecosystem, RBI continues to strengthen its consumer protection framework, adapting to emerging challenges while upholding the trust and stability that form the bedrock of our financial system. Financial awareness is a key pillar of consumer protection. RBI’s campaigns and publications have helped people understand banking risks, recognize fraud and make informed financial decisions.”
“With the rapid advancement of technology, the risk of financial fraud and cyber threats is also increasing. This growing concern demands constant vigilance, and RBI has been taking proactive measures, strengthening safeguards and ensuring a secure banking environment,” President emphasized.
“The RBI, as the central bank, is at the very centre of India’s incredible growth story. It has witnessed the whole journey of the country so far, from the time before Independence when it was suffering from widespread poverty to the time now when it is among the top economies in the world. As it was established in 1935, the RBI was placed a step ahead of this curve and actually guided the country along this journey,” she added.
