Reserve Bank turns 90

rbi: Country’s top bank Reserve Bank of India (Reserve Bank of India) completes 90 years today. On this occasion, Prime Minister Narendra Modi participated in a program organized in Mumbai. Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das were also present with him. A coin was also inaugurated on this occasion. Addressing the program, Narendra Modi said that the role of the Reserve Bank has been important and big in keeping the country’s banking system strong. Whatever work is done by the apex bank, the general public of the country is directly affected by it. It has played a big role in providing financial inclusion to the last person of the country. He said that RBI is recognized across the world for its professional attitude and commitment. Regarding the reforms in the banking sector, PM Modi said that a decade ago the banking sector was in deep financial crisis, but now banks are profitable and credit growth is at record levels.

RBI proved its credibility

Prime Minister Narendra Modi said that the Reserve Bank has proved its credibility time and again. The work of RBI has been better than the central banks of many big countries of the world. Due to this, India’s position in global leadership has become stronger. The transformation of the Indian banking sector is a subject of research. The central government invested Rs 3.5 lakh crore in public sector banks for their revival. NPA in the country’s banks had reached a record high level of 11.25 percent in 2018. It is improving. Now in September 2023 it has reduced to less than three percent. RBI is also working on central bank digital currency.

Also Read: Now the Reserve Bank will tighten its grip on companies giving loans through apps, this is going to be a big change.

UPI got recognized globally

Addressing the Reserve Bank program, PM Modi said that India has today emerged as a prime player in digital technology. Unified Payment Interface (UPI) has become a globally recognized platform. Many countries have adopted India’s UPI. Many are standing in queue. The youth of the country are going to get many big opportunities in the global finance system in the next ten years. He said that this country is full of achievements and possibilities. There is a need for loan here. In such a situation, the banking system of the country has an important role. He emphasized on working on ‘out of the box’ thinking.