MUMBAI: Heaping praise on the Reserve Bank of India (RBI) for being “at the very centre of India’s incredible growth story”, President Droupadi Murmu said on Tuesday that the RBI had earned this trust by steadfastly maintaining its mandate of price stability, growth, and financial stability.
Speaking at the closing ceremony of the commemoration of the 90th year of the RBI, Murmu said, “The RBI, as the central bank, is at the very centre of India’s incredible growth story. It has witnessed the whole journey of the country so far, from the time before Independence when it was suffering from widespread poverty to the time now when it is among the top economies in the world”.
“The RBI earned this trust by steadfastly maintaining its mandate of price stability, growth, and financial stability. Also, it has continuously adapted to meet the evolving needs of our growing nation,” the President said.
“The RBI’s swift responses to key challenges, from economic liberalisation in the 1990s to the Covid-19 pandemic, highlight its resilience and adaptability. In an increasingly globalising world, it has also ensured that India’s financial system remains resilient in the face of any adverse international trends,” she said.
The President said that the RBI had played a key role in making India a global leader in digital payments. “By continuously modernising the country’s payment infrastructure, it has ensured that digital transactions are not only seamless and efficient but also secure. Innovations like the UPI have revolutionised financial access, enabling instant, low-cost transactions and deepening financial inclusion. Beyond payments, RBI has nurtured a vibrant fin-tech ecosystem,” Murmu said.
The President said that as India headed towards the centenary of its Independence, the mission of ‘Viksit Bharat 2047’ called for a financial ecosystem that is innovative, adaptive, and accessible to all. “The path ahead will present new complexities and challenges. With a steadfast commitment to stability, innovation and inclusivity, RBI will continue to be a pillar of strength — reinforcing trust and steering India towards a future of prosperity,” Murmu said.
“As the guardian of monetary and financial stability, RBI will play a defining role in this journey — ensuring a sound banking system, driving financial innovation, and safeguarding trust in our financial ecosystem,” she said.
“It is noteworthy that the RBI sees itself as more than a central bank, and has played a pivotal role in financial inclusion and institution-building initiatives,” she said.
“As for institution-building, the RBI has over the years strengthened the financial ecosystem by establishing key institutions such as the NABARD, IDBI, SIDBI, and National Housing Bank. It has thus provided essential support for agriculture, small businesses, and housing,” the President said.
“The RBI’s swift responses to key challenges, from economic liberalisation in the 1990s to the Covid-19 pandemic, highlight its resilience and adaptability. In an increasingly globalising world, it has also ensured that India’s financial system remains resilient in the face of any adverse international trends,” Murmu said.
Maintaining that the RBI had continuously adapted to meet the evolving needs of our growing nation, the President said: “The RBI’s swift responses to key challenges, from economic liberalisation in the 1990s to the Covid-19 pandemic, highlight its resilience and adaptability. In an increasingly globalising world, it has also ensured that India’s financial system remains resilient in the face of any adverse international trends”.
The President said that RBI had emerged as one of the most critically important institutions in the nation. “A common man or woman has no direct interaction with RBI – except for its name printed on the currency notes in their pockets, but indirectly all their financial dealings, through banks and otherwise, are governed by the RBI. And they instinctively place their utmost faith in the financial system overseen by it,” she said.
In the nine decades, the biggest achievement of the RBI is this trust. The RBI earned this trust by steadfastly maintaining its mandate of price stability, growth, and financial stability. Also, it has continuously adapted to meet the evolving needs of our growing nation.
With inputs from PTI
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