April 1, 2024, marks the 90th anniversary of the Reserve Bank of India. It was established in 1935 under the Reserve Bank of India Act. An event was inaugurated in Mumbai by PM Modi to celebrate the milestone. He talked about RBI's contribution and hard work in making India's banking system strong and sustainable.
The Reserve Bank of India (RBI) was established on April 1, 1935, under the Reserve Bank of India Act. On Monday, the RBI celebrates its 90th anniversary, and Prime Minister Narendra Modi has inaugurated an event in Mumbai to commemorate this significant milestone and all the achievements of the RBI.
During the celebration event, PM Modi said, "In 2014, when I attended the program for the completion of 80 years of the RBI, the situation was very different. The entire banking sector of India was struggling with problems and challenges. Everyone was doubtful regarding the stability and future of India's banking system," praising the intense efforts and diligent work done by the Central bank.
He talked about the situation at that time and how the country's economy looked in a dire state. He said, "The situation was so bad that the Public Sector banks were not able to provide enough boost to the country's economic progress... And today, India's banking system is seen as a strong and sustainable banking system in the world."
He also highlighted the endeavours and commitment of RBI during the pandemic and how it was able to handle the nation's economy while other countries are still struggling with the effects of COVID-19. He said, "The Indian economy is making new records when several economies are struggling to come out of the Covid pandemic impact."
"What happened in the last 10 years is just a trailer, still a lot to be done to take the country much further," he added. Union Finance Minister, Nirmala Sitharaman and RBI Governor Shaktikanta Das also attended the event.
Talking about India's economic growth Das said, "The Covid-19 pandemic and the ongoing geo politics hostilities have tested the resilience of every economy In the world, including India... It's a matter of satisfaction that today our GDP growth is robust, inflation is moderating, the financial sector is stable, the external sector remains resilient, and the forex reserves are at an all-time high."
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