RBI 90 Years: PM Narendra Modi on Indian banking system, UPI success, taking Indian Rupee global & more | Top 10 Updates
RBI Celebrates 90 Years: Prime Minister Narendra Modi on April 1 praised the widespread adoption of UPI and stressed the importance of the Reserve Bank of India (RBI) focusing on promoting digital transactions and financial inclusion over the next decade. The prime minister was delivering the keynote address at the central bank's 90th anniversary event today in Mumbai. Also present were RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman.
PM Modi also unveiled a special coin to commemorate the occasion. Governor Shaktikanta Das, in his opening statement, emphasised the RBI's ongoing efforts to bolster the resilience of India's financial sector by consistently monitoring new trends and taking preventive measures. Also Read | Mumbai Traffic update: Advisory for commuters as PM Modi to address ‘90th year of RBI’ event in the city today Established in 1935, the RBI serves as the country's central bank and operates under the regulatory framework outlined in the Reserve Bank of India Act, 1934, along with the recommendations of the Hilton Young Commission.
— Modi believes the Indian banking system is worthy of a case study. He said that a combination of clear policy, intent, and decision-making led to improvements in the banking system, adding that the transformation of the Indian banking system is worthy of a case study. — Modi congratulated the RBI for achieving its targets and objectives.
He said that Indian banks are now profitable and credit growth is touching record levels. Today, India's banking system is recognized worldwide as strong and stable. Gross NPA for banks came down from 11.25 percent in 2018 to 3 percent now, he added.
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