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Business News/ Markets / RBI 90 years ceremony highlights: UPI now recognised globally; RBI also working on CBDC: PM Modi
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RBI 90 years ceremony highlights: UPI now recognised globally; RBI also working on CBDC: PM Modi

RBI 90 Years Ceremony highlights: The Reserve Bank of India (RBI) has entered its 90th year today, April 1, 2024. Prime Minister Narendra Modi addressed the celebration of this historic occasion at Mumbai's National Centre for the Performing Arts (NCPA) and unveiled a commemorative coin.

Reserve Bank of India (RBI) is celebrating 90 years this year. (File Photo: Reuters)Premium
Reserve Bank of India (RBI) is celebrating 90 years this year. (File Photo: Reuters)

RBI 90 Years Ceremony highlights: The Reserve Bank of India (RBI) celebrated its 90th year today in Mumbai, where RBI governor Shaktikanta Das, Finance Minister Nirmala Sitharaman, and Prime Minister Narendra Modi delivered their keynote presentations. On the 90th anniversary of the RBI, PM Modi unveiled a commemorative coin.

In his introductory remarks, Governor Shaktikanta Das said that the RBI has been working to strengthen the resilience of the Indian financial sector by continuously assessing new trends and implementing preventive measures.

In his speech, Prime Minister Modi highlighted how UPI has grown to be a widely used platform. He said that throughout the next ten years, the central bank will need to concentrate on advancing digital transactions and financial inclusion.

As the central bank of the country, RBI was founded in 1935 and is regulated by the Reserve Bank of India Act, 1934, as well as the Hilton Young Commission's recommendations.

 

01 Apr 2024, 02:09:58 PM IST

RBI 90 Years Ceremony Live: AI and blockchain have changed the way the banking system functions, says PM Modi

During his speech, Modi highlighted the significance of blockchain technology, artificial intelligence (AI), and machine learning and encouraged to embrace these further. For the nation's growth to be swift, inclusive, and sustainable, the RBI must continue to use innovative methods.

01 Apr 2024, 01:56:02 PM IST

RBI 90 Years Ceremony Live: Here's what PM Modi says about upcoming elections

Elections for a third consecutive term of government are scheduled to begin in three weeks, and the economy’s performance is contributing to Modi's popularity among voters.

"I am busy with the elections for these 100 days, so you have a lot of time to think about (new policies). Because just a day after the swearing-in ceremony, you will have a lot of work..." said PM Modi.

01 Apr 2024, 01:40:11 PM IST

RBI 90 Years Ceremony Live: RBI should give growth the highest priority, says PM Modi

As he commended the RBI for its management of the economy and the changes it has made to the banking sector over the years, PM Modi stated that the bank should prioritize economic growth over the next ten years.

At a Mumbai event celebrating the RBI's 90th anniversary, Modi stated that the inflation targeting framework of the RBI helped in managing pricing pressures. He said that in order to balance inflation and growth, the central bank should use "unique tools."

01 Apr 2024, 01:20:34 PM IST

RBI 90 Years Ceremony Live: Sitharaman's view on RBI's professional management 

FM Sitharaman stated today that India's ability to handle external imbalances and uncertainties has improved dramatically under the professional administration of the RBI.

The finance minister lauded the RBI for its contribution to resolving banks' balance sheet issues during a speech marking the institution's 90th anniversary.

“Managing India's banks is something that I recall at this time: a decade ago, the balance sheet problem today is a balancing sheet advantage. And that advantage accrues to our economy through the collaborative efforts of the government of India and the RBI," said Sitharaman.

01 Apr 2024, 01:08:16 PM IST

RBI 90 Years Ceremony Live: All eyes on RBI monetary policy meeting this week

The monetary policy meeting, which is slated to take place from April 3 to April 5, is the RBI's next event. Experts in the market believe that the central bank will probably hold rates steady and won't have any impact at all on the market.

Since February 2023, the RBI has kept the repo rate at 6.5%. Following the US Federal Reserve's recent dovish posture, analysts and economists expect the central bank to stick with its existing strategy of trying to bring India's inflation into line with its objective.

01 Apr 2024, 12:51:12 PM IST

RBI 90 Years Ceremony Live: Ayodhya will become the world's biggest capital in religious tourism, says Modi 

During the 90th anniversary celebration of the Reserve Bank of India, Prime Minister Modi mentioned that the country's tourism sector has been growing at a very quick pace. The world is keen on visiting and getting to know about India, and the country's tourist industry is expanding. Ayodhya is set to emerge as the global hub for religious tourism in the years to come.

01 Apr 2024, 12:31:44 PM IST

RBI 90 Years Ceremony Live: UPI now recognised globally; RBI also working on CBDC, says Modi

Today, UPI is recognised all around the world, according to Prime Minister Narendra Modi. In the coming ten years, the central bank must prioritise advancing digital transactions and financial inclusion. He continued by saying that a developing economy has to balance growth and inflation management.

01 Apr 2024, 12:23:50 PM IST

RBI 90 Years Ceremony Live: Stability in G-Sec markets has contributed to overall financial market, says Nirmala

“The RBI manages its debt, which is very important for government inflation management despite monetary tightening pressures. The measures that have been taken for monetary tightening have stabilized G-Sec yields, which is very important for the economy. The stability in G-Sec markets has contributed to overall financial market proceedings. And investor confidence in the Indian economy," said FM today.

01 Apr 2024, 12:18:16 PM IST

RBI 90 Years Ceremony Live: Rupee has seen orderly movement and lower volatility than its peers, says Sitharaman

According to Finance Minister Nirmala Sitharaman, the rupee has witnessed less volatility and more orderly movement than than its peers. The central bank's measures have stablised G-Sec yields.

01 Apr 2024, 11:47:54 AM IST

RBI 90 Years Ceremony Live: Indian banking system is worthy of a case study, says PM Modi

PM Modi added by saying that a combination of clear policy, intent, and decision making led to improvements in the banking system. The transformation of the Indian banking system is worthy of a case study. 

01 Apr 2024, 11:44:08 AM IST

RBI 90 Years Ceremony Live: PM Modi congratulates RBI for achieving their targets and objectives

PM 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 recognised worldwide as strong and stable. Gross NPA for banks came down from 11.25% in 2018 to 3% now. 

“We infused 3.5 lakh to capitalised banks, resolved 3.25 lakh crore loans with IBC. Gross NPA for banks came down from 11.25% in 2018 to 3% now" said the Prime Minister. 

Along with highlighting the fact that the "twin-balance sheet" issue has been resolved, PM Modi also mentioned that banks are now reporting a 15% increase in credit. The Prime Minister went on to say that the RBI has been crucial to all of these achievements.

01 Apr 2024, 11:32:52 AM IST

RBI 90 Years Ceremony Live: PM Modi starts his speech at the central bank's inauguration ceremony

PM Modi starts his speech at the central bank's inauguration ceremony. 
Watch Live at: https://www.youtube.com/watch?v=-mG21cNAB-w

 

01 Apr 2024, 11:29:11 AM IST

RBI 90 Years Ceremony Live: FM Nirmala Sitharaman address the audience

" RBI stands tall amongst its peers on several counts. The RBI adopted and, in fact, deployed a conventional and unconventional range of instruments to provide liquidity, promote growth, and ensure financial stability. RBI in fact, has been one of the earliest to recognize the non transient nature of inflation. One of the few central banks, if I may say so, to front load policy rate hikes in particular," said Nirmala Sitharaman.

01 Apr 2024, 11:17:56 AM IST

RBI 90 Years Ceremony Live: RBI Guv Das comments on the 90 years

“The Reserve Bank's evolution as an institution has been closely intertwined with the development of the Indian economy, from being a central bank primarily concerned with the allocation of scarce resources, during the planning period, the Reserve Bank transitioned into being an enabler for the market economy. We are a full-service central bank, with our functions spanning multiple dimensions. It has been our endeavour to promote the financial sector, a financial sector that is robust, resilient, and future-ready," said RBI Governor Das.

01 Apr 2024, 11:12:12 AM IST

RBI 90 Years Ceremony Live: PM Narendra Modi arrives at the RBI inauguration ceremony

PM Narendra Modi arrives at the RBI inauguration ceremony. 

01 Apr 2024, 10:48:51 AM IST

RBI 90 Years Ceremony Live: The Central Bank's significant achievements

As of March 31, 2023, the Reserve Bank's balance sheet total is 63 lakh crore. As to news reports, India's foreign exchange reserves are presently the fourth greatest in the world, after China, Japan, and Switzerland, with a whopping USD $642 billion. Over time, the RBI's responsibility in maintaining price stability and managing inflation has also changed. Additionally, the RBI is essential to the regulation of the financial services sector. The RBI has been actively supporting digital payments over the past ten years.

01 Apr 2024, 10:29:55 AM IST

RBI 90 Years Ceremony Live: All you need to know about RBI's governors

The RBI has had 26 governors in its nine decades of operation. The current governor, Shaktikanta Das, took office in October 2021. The previous governors, including IG Patel, Manmohan Singh, C Rangarajan, Bimal Jalan, Raghuram Rajan, Urjit Patel, and others, were primarily foreigners, bureaucrats, and economists. In fact, M Narasimham was the first RBI cadre officer to become governor.

Last year, US-based Global Finance magazine ranks RBI Governor Shaktikanta Das as the top central banker, globally. With an 'A' grade rating in the Global Finance Central Banker Report Cards 2023, Das has also been placed at the top of the list of three central bank governors who have been rated A .

01 Apr 2024, 10:14:06 AM IST

RBI 90 Years Ceremony Live: Here's all you need to know about the central bank 

The Reserve Bank of India Act, 1934 (II of 1934) governs the operations of this central bank, which started operations on April 1, 1935, under the leadership of Sir Osborne Smith. The governor was in charge of a number of tasks, including the issuance of currency, providing banking services to the government and other banks, and fostering the growth of agricultural credit and rural cooperatives.

01 Apr 2024, 10:02:04 AM IST

RBI 90 Years Ceremony Live: PM Modi to speak at opening today

PM Modi is expected to address at 11:00 IST. The opening remarks will be given by RBI Governor Shaktikanta Das.

Watch Live at: https://www.youtube.com/watch?v=-mG21cNAB-w

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