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PM Modi highlights approach of recognition, resolution, and recapitalization that have strengthened the financial sector
Prime Minister Narendra Modi marked the 90th anniversary of the Reserve Bank of India (RBI) at an event in Mumbai on Monday (April 1, 2024) by unveiling a commemorative coin and delivering a speech that outlined both the achievements of the RBI and the vision for India’s financial future.
Prime Minister Modi reflected on RBI’s journey from its inception in 1935, highlighting its evolution through the pre- and post-independence eras to become a globally recognized entity known for its professionalism and commitment. The Prime Minister expressed pride in RBI’s role in shaping India’s economic framework, stressing that the policies and decisions of today will direct the institution as it approaches its centennial milestone.
Transformation of Indian Banking
Addressing the transformation of the Indian banking system, Prime Minister Modi credited the strategic approach of recognition, resolution, and recapitalization, including significant capital infusions and governance reforms that have strengthened the financial sector. The Prime Minister pointed to the reduction of gross non-performing assets (NPAs) and the resolution of financial stress through the Insolvency and Bankruptcy Code (IBC), underlining the now profitable and sustainable nature of the banking system.
Embracing Digital and Financial Inclusion
Prime Minister Modi underscored the critical role of the RBI in advancing financial inclusion and digital transformation. He mentioned the significant rise of Jan Dhan accounts, especially among women, and the penetration of financial services into the agricultural and fisheries sectors. The Prime Minister lauded the RBI’s role in regulating cooperative banks and boosting digital transactions through platforms like UPI, which is now globally recognized.
Technology and Growth
Looking ahead, Prime Minister Modi emphasized the importance of adapting to technological advancements such as AI and blockchain in the banking sector, fostering innovation, and ensuring cyber security. He advocated for policies that support both cutting-edge sectors and traditional industries, aiming for a comprehensive and inclusive financial ecosystem.
Strengthening Global Economic Position
Highlighting India’s growing influence in the global economy, Prime Minister Modi called for increased efforts to make the Indian Rupee more globally accessible and accepted. He pointed out the importance of financial stability and prudent debt management, urging the RBI to continue its study on global economic trends and their implications for India’s growth.
Prime Minister Modi concluded his address by stressing the RBI’s pivotal role in realizing the vision of a developed India, aligning with the broader goals of economic self-reliance and global leadership. The ceremony was attended by notable dignitaries, including the Governor of Maharashtra, the Chief Minister of Maharashtra, the Union Finance Minister, and the RBI Governor, among others.
Prime Minister Modi reflected on RBI’s journey from its inception in 1935, highlighting its evolution through the pre- and post-independence eras to become a globally recognized entity known for its professionalism and commitment. The Prime Minister expressed pride in RBI’s role in shaping India’s economic framework, stressing that the policies and decisions of today will direct the institution as it approaches its centennial milestone.
Transformation of Indian Banking
Addressing the transformation of the Indian banking system, Prime Minister Modi credited the strategic approach of recognition, resolution, and recapitalization, including significant capital infusions and governance reforms that have strengthened the financial sector. The Prime Minister pointed to the reduction of gross non-performing assets (NPAs) and the resolution of financial stress through the Insolvency and Bankruptcy Code (IBC), underlining the now profitable and sustainable nature of the banking system.
Embracing Digital and Financial Inclusion
Prime Minister Modi underscored the critical role of the RBI in advancing financial inclusion and digital transformation. He mentioned the significant rise of Jan Dhan accounts, especially among women, and the penetration of financial services into the agricultural and fisheries sectors. The Prime Minister lauded the RBI’s role in regulating cooperative banks and boosting digital transactions through platforms like UPI, which is now globally recognized.
Technology and Growth
Looking ahead, Prime Minister Modi emphasized the importance of adapting to technological advancements such as AI and blockchain in the banking sector, fostering innovation, and ensuring cyber security. He advocated for policies that support both cutting-edge sectors and traditional industries, aiming for a comprehensive and inclusive financial ecosystem.
Strengthening Global Economic Position
Highlighting India’s growing influence in the global economy, Prime Minister Modi called for increased efforts to make the Indian Rupee more globally accessible and accepted. He pointed out the importance of financial stability and prudent debt management, urging the RBI to continue its study on global economic trends and their implications for India’s growth.
Prime Minister Modi concluded his address by stressing the RBI’s pivotal role in realizing the vision of a developed India, aligning with the broader goals of economic self-reliance and global leadership. The ceremony was attended by notable dignitaries, including the Governor of Maharashtra, the Chief Minister of Maharashtra, the Union Finance Minister, and the RBI Governor, among others.
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