RBI At 90
RBI At 90: On Monday, Prime Minister Narendra Modi emphasised how important it is to give digital transactions first priority in the thriving cashless economy. Speaking during a celebration of the Reserve Bank of India’s (RBI) 90th anniversary in Mumbai, Prime Minister Modi emphasized the significance of keeping up with changes in the digital financial sector.
PM’s Pitch
“Over the next ten years, digital transactions will need to increase. The cashless economy will also require us to monitor events closely,” Modi stated, highlighting how financial activities are changing. In addition, the prime minister emphasized the need to improve financial inclusion and empowerment initiatives while recognizing that different people have different preferences when it comes to banking practices. “The country needs to make measures which make banking better and everyone has access to credit,” he stated.
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RBI At 90: In keeping with the spirit of advancement, PM Modi asked the RBI to act pro-actively in order to promote quicker, more equitable, and sustainable growth in India. “RBI needs to take proactive steps to achieve this, and the government is with them,” he reiterated. Along with other distinguished visitors like RBI Governor Shaktikanta Das and Union Finance Minister Nirmala Sitharaman, PM Modi launched a special coin to commemorate the RBI’s 90th anniversary.
PM Issues Special Rs 90 Coin
RBI At 90: Additionally, Modi revealed a unique Rs 90 denomination coin that represents the RBI’s extraordinary journey and accomplishments over the past nine decades. The coin weighs about 40 grams and is made of 99.99 percent pure silver.
RBI History
RBI At 90: The Reserve Bank of India Act, 1934 (II of 1934) authorized the RBI’s establishment and its first day of business on April 1, 1935, based on the recommendations of the Hilton Young Commission. The RBI, as the country’s central bank, is essential in forming India’s financial system by adjusting to the changing demands of the country’s people and economy.