honey RBI 90-year ceremony: During the Reserve Bank of India’s 90-year ceremony, RBI Governor Shaktikanta Das highlighted the central bank’s transformation into a facilitator for the market economy. He remarked on the RBI’s evolution from a regulator of resource allocation during the planning period to a supporter of market dynamics.
RBI’s Integral Role in Economic Development
Governor Das underscored the close association between the RBI’s evolution and the growth of the Indian economy, portraying the bank as a key player in the nation’s economic journey.
RBI’s Comprehensive Functions
He described the RBI as a comprehensive institution, emphasizing its multifaceted functions across various domains.
PM Modi Commends RBI’s Transformative Efforts
Prime Minister Narendra Modi commended the Reserve Bank of India for its pivotal role in revitalizing stressed banks and transforming them into profitable entities. Reflecting on the progress made, PM Modi contrasted the challenges faced in 2014 with the current robustness of India’s banking sector.
Transformation of Banking Sector Praised
PM Modi hailed the transformation of the banking sector as a remarkable achievement, highlighting the infusion of Rs 3.5 lakh crore into PSU Banks for their revival. He depicted this turnaround as a significant case study in the financial realm.
RBI’s Crucial Contribution to Economic Stability
Acknowledging the RBI’s critical role, PM Modi credited the central bank for maintaining a delicate balance between economic growth and inflation. He lauded India’s banking system as resilient and sustainable on the global stage.
Optimism for India’s Economic Future
Despite the challenges posed by the COVID-19 pandemic, PM Modi expressed optimism about India’s economic trajectory, citing record-breaking achievements amid global struggles.
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Continuous Efforts for Progress
While acknowledging past achievements, PM Modi emphasized the need for continued efforts, suggesting that the progress made in the last decade is just the beginning of India’s journey toward further advancement. He hinted at a promising future, encouraging sustained efforts for the nation’s prosperity.
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